Saudi-UAE Leaders Confirms On A Joint Digital Currency Launch

Crown Prince of Saudi, Prince Mohammed bin Salman arrived in the United Arab Emirates (UAE) for an official visit to discuss joint policy measures, including a digital currency plan. 

On Nov. 27, an English language daily publication, The National reported that Prince Mohammed was welcomed by His Highness Sheikh Mohamed bin Zayed al Nahyan, the Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces

Reportedly, both the leaders have officially agreed on the four new policy partnerships and to have reviewed seven strategic initiatives. On the agenda was a policy to launch a digital currency to facilitate interbank trading between the two countries.

In January of this year, the United Arab Emirates Central Bank (UAECB) and the Saudi Arabian Monetary Authority (SAMA) revealed the plans on jointly issuing a digital currency.

The National further reported that bank officials from both countries will be meeting to discuss challenges and opportunities in their respective financial sectors.

The Middle East Embraces Blockchain

Recently, Oman OilOrpic Group and HSBC Bank Oman SAOG conducted the first trade finance transaction on the blockchain in the country using R3’s Corda platform.

In October, The Emirati Royal family endorsed and acquired 15% of the Crypto Price Index project (CPI) by creating a cryptocurrency analog of the Dow Jones index based on blockchain. It is a first of its kind project where a royal family is both endorsing a decentralized finance platform while being its shareholder and investor.

Source: The National | Cointelegraph

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