Saudi-UAE cryptocurrency to be almost ready by mid-2019: SAMA

21/11/2018 Argaam

 

Saudi Arabia’s cryptocurrency project with the United Arab Emirates (UAE) will be almost finalized by mid-2019, Mohsen Al Zahrani, head of innovation at the Saudi Arabian Monetary Authority (SAMA), the Kingdom’s central bank, told the Saudi Press Agency on Tuesday.

 

A cryptocurrency backed by the Saudi central bank will be launched to enable cross-border payments in a certain number of banks.

 

SAMA is studying the feasibility of the new currency rollout among all banks, Al Zahrani added on the sidelines of the Blockchain future applications conference held yesterday.

 

Meanwhile, Mubarak Al-Mansouri, governor of UAE’s central bank, said the planned digital currency between both countries is now in the design phase, Argaam reported.

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