United Arab Emirates and Saudi Arabia announced the launch of a new cryptocurrency payment system
The United Arab Emirates (UAE) and Saudi Arabia have announced plans to introduce a joint cryptocurrency payment system in order to simplify transactions between the two countries.
The project, still in its early stages, will be catered to banks, not consumers. Central Bank of UAE and Saudi Arabian Monetary Authority (SAMA), both skeptics of bitcoin in the past, now see the new project as essential in increasing efficiency in transactions between the two.
Governor of Central Bank of UAE, Mubarak Rashed Al Mansouri, referred to the upcoming project as a first of its kind in the region. The two banks hope the announcement will “foster similar collaboration” in the area.
Al Mansouri believes that as fintech continues to develop so do the financial institutions. The announcement of a collaborative blockchain-powered cryptocurrency payment system between the two countries signifies the region’s growing interest of the technology.