UAE and Saudi to Create Crypto for Cross-Border Payments
The United Arab Emirates and Saudi Arabia have agreed to create a cryptocurrency for cross-border payments. In the experimental phase, it will be available only to banks.
Two Arab countries have signed a joint strategy for the development of relations. It concerns the most diverse spheres of life. Among other things, the countries agreed to cooperate in the field of civil aviation, the financial sector, as well as create a cryptocurrency for cross-border payments.
The new coin will be intended only for banks, at least during the experimental phase. In general, its main task is to give an understanding of how blockchain can help in the development of international payments.
When exactly the cryptocurrency may appear, the countries did not specify.