Saudi Arabia, UAE consider digital currency for cross-border deals

13/12/2017 Argaam

The United Arab Emirates (UAE) and Saudi Arabia are considering issuance of a tradable digital currency to facilitate cross-border transactions and payments, the UAE's central bank governor, Mubarak Al Mansouri, said on Wednesday.

 

The planned currency ranks among the e-currencies used in parallel to local and domestic peers.

 

A joint venture is also under study with the Saudi Arabian Monetary Authority (SAMA), the Kingdom's central bank, to facilitate use of blockchain technology in cross-border deals between both countries.

 

Studies are still in early stages and it is difficult to set a certain date for the completion of the JV or launch of the digital currency, Al Mansouri added on the sidelines of the Arab Monetary Fund meeting in Abu Dhabi.

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