Saudi Arabia and the UAE announce their own crypto

January 22, 2019
Chris Wheal

On Jan. 19,  two major Arabic countries, Saudi Arabia and the United Arab Emirates, announced the new cryptocurrency they’re launching in a pilot mode to experiment and learn about the possibilities of its use across the two countries on a major level. The governments met to discuss their “Strategy of Resolve” initiatives. Along with their own form of cryptocurrency, there are also other categories of initiatives, for example, training their young citizens about finance, among others.

These initiatives have a goal of better protecting their customers and interests; creating standards and forms of security for technology; and understanding the effects of crypto within financial policies.

The governments’ initiatives will be placed into effect throughout 2019. Creation of the new cryptocurrency is not the first step of Saudi Arabia and UAE towards the mainstream adoption of crypto. Back a month ago, on December 13, two countries have announced the creation of a joint payment system in order to transfer cryptocurrencies between the two countries flawlessly.

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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