UAE and Saudi Arabia to create transnational digital currency

According to the reports that appeared during this week, Saudi Arabia and the United Arab Emirates are going to issue cryptocurrency for joint needs. What is already clear is that it’s going to be a blockchain-based digital currency, but it’s a universal standard. No specifications about the project team either except that two governmental bodies are working together — the Central Bank of the UAE and the Saudi Arabian Monetary Authority.

Leader of the Central Bank of the United Arab Emirates, Mubarak Rashed Al-Mansouri, also confirmed to the press that the project is still at its initial stages and there are currently more talks than actions. Both organizations did not even form the development team yet, tells Al-Mansouri.

As once noted by Brett King, those financial organizations which will try developing newest fintech innovations all by themselves are doomed to fail, and in connection with this news from the Gulf one could advise the authorities of the UAE and Saudi Arabia to cooperate not only with each other, but, probably, with Ripple developers. After all, sixty Japanese banks are already doing this, and Ripple team’s main focus is cross-border crypto payments.