UAE, Saudi Arabia Mull Joint Fiat-Backed Crypto for Cross-Border Payments
Cryptovest
Published Dec 13, 2018 11:13AM ET
Updated Dec 13, 2018 12:21PM ET
UAE, Saudi Arabia Mull Joint Fiat-Backed Crypto for Cross-Border Payments
The central bank of the United Arab Emirates (CBUAE), and the Saudi Arabia Monetary Authority (SAMA) have decided to examine a possible issuance of a joint virtual coin. The digital asset would be backed by the fiat currencies of both countries and would target cross-border transactions, Mubarak Rashed Al Mansouri, governor of the CBUAE said on Wednesday.
Speaking as a keynote guest of Abu Dhabi FinTech Symposium, the CBUAE head said that the Emirates’ authorities had undertaken several new technology initiatives, among them the joint project with the SAMA, a body that functions as Saudi Arabia’s central bank and market regulator.
“This is probably the first time ever we witness such cooperation in this policy front. We hope that the potential success of this initiative will foster similar collaboration in the GCC [Gulf Cooperation Council] region and globally,” Al Mansouri ...
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