While economies around the world are still largely unsure about cryptocurrencies, they are still willingly stepping into the ecosystem in order to explore expansive use case of cryptocurrency and its underlying blockchain technology.
Stepping into the crypto space, the Saudi Arabia and the UAE have decided
to explore the blockchain technologies in order to facilitate financial operations between the two countries.
The same was announced after the Executive Committee of the Saudi-Emirati Coordination Council held its first meeting in Abu Dhabi. According to an article published by the Emirates News Agency, policies and issues pertaining to regional development in the economic, social and military fields were addressed in the meeting.
Headed by Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs and The Future, from the UAE side, and Mohammed bin Mazyad Altwaijri, Minister of Economy and Planning, from the Saudi side the committee has 16 members from both countries. The committee has announced seven joint initiatives that will be implemented throughout the course of 2019.
An Official Interbank Cryptocurrency
A pilot project was announced that will oversee the creation of a commonly accepted cryptocurrency of interbank nature in a first instance:
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