Representatives of the United Arab Emirates (UAE) and Saudi Arabia have announced cooperation in order to create a new cryptocurrency, reports Emirate News Agency.
Representatives of both countries discussed the draft joint integrated strategy, including initiatives in such areas as civil aviation, youth financial literacy and the creation of a digital currency for cross-border payments.
“In the experimental phase of the cryptocurrency will be strictly focused on the banks. It will allow to better understand the features of the blockchain technology, and will also be used for cross-border payments, ”the newspaper writes.
Also in the course of the joint project, the impact of the new cryptocurrency on the financial policies of both countries will be studied. Special attention will be paid to protecting consumer rights, creating technological standards and identifying cybersecurity risks.
