Saudi Arabia and the UAE have announced plans to create cryptocurrency, Arabian Business reported.
Countries launched such an initiative at a meeting of the executive committee of the joint coordination council, held in Abu Dhabi. The meeting was attended by 16 people.
“The cross-border digital currency will be strictly targeted for banks at an experimental phase with the aim of better understanding the implications of Blockchain technology and facilitating cross-border payments. The project will also determine the impact of a central currency on monetary policies,” the source noted.