UAE & Saudi Central Bank To Test Cross Border Cryptocurrency

by Ricky Makan Co-Founder at Unkrypted

The central banks of the United Arab Emirates and Saudi Arabia are allegedly starting a pilot initiative which will observe Cross Border Cryptocurrency to enable transactions between them.

Regional News resources like the National and Gulf Digital News reported that Mubarak Rashid al-Mansouri, the UAE central bank governor, unveiled the initiative in a meeting of the Arab Monetary Fund (AMF). Even though the press release tied with the assembly doesn’t directly link to cryptocurrency, it mentions that monetary technology issues more commonly will soon be up for debate among the group of investors and financial institutions.

In Accordance with GDN, Al-Mansouri praised the effort.

He said that:

THIS IS THE FIRST TIME THAT THE FINANCIAL AUTHORITIES OF TWO COUNTRIES ARE COLLABORATING TO UTILIZE BLOCKCHAIN TECHNOLOGY AND STUDY CROSS BORDER CRYPTOCURRENCY

The Participation of Saudi Arabia’s central bank is noteworthy, till date the institution hasn’t commented about the technology or hinted that it was looking into possible use cases.

UAE is home for a number of public and private sector-driven initiatives, such as Dubai’s International Blockchain Council. In recent months there are number of financial institutions that have explored the applications of this technology, it involves Emirates NBD, which will be developing a blockchain-based support for legalizing bank cheques.

Source: http://www.unkrypted.com/uae-saudi-banks-to-test-cross-border-cryptocurrency/