The launch of Saudi-Emirati pilot cryptocurrency was announced amongst six other initiatives during the first meeting of the Executive Committee of the Saudi-Emirati Coordination in Abu Dhabi, WAM reported. The meeting was a follow-up to the execution of the joint initiatives outlined in the Strategy of Resolve. At first, the token will be targeted for banks in order to better understand the implications of the blockchain technology and how it can help with cross-border payments.
“The virtual currency relies on the use of a distributed database between the central banks and the participating banks from both sides,” WAM writes. “It seeks to safeguard customer interests, set technology standards and assess cybersecurity risks. The project will also determine the impact of a central currency on monetary policies.”