UAE’s digital currency in design phase, says central bank governor

20/11/2018 Argaam

 

UAE’s planned digital currency is now in the design phase in cooperation with the Saudi Arabian Monetary Authority (SAMA), Ro’ya newspaper reported, citing Mubarak Al-Mansouri, governor of UAE’s Central Bank.

 

The launch date will be determined according to the Saudi part and the current study, he said.

 

The digital currency will not replace a certain bill, but it will be a new payment tool used by banks not individuals, he added.

 

According to data compiled by Argaam, Al-Mansouri said in December 2017 that the digital currency is under study in cooperation with Saudi Arabia to be used in payments.

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