Saudi, UAE Central Banks are Testing the Cryptocurrency

Nishanth Shetty

December 14, 2017 7:33 am

Saudi, UAE Central Banks are Testing the Cryptocurrency | Coindelite News
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The central bank of the United Arab Emirates and Saudi Arabia will launch a pilot initiative that will see the two institutions test the cryptocurrencies which are used in the payment transactions.

Regional news channels like The National and Gulf Digital News reported that Mubarak al- Mansouri, the UAE central bank’s governor, revealed the initiative at a meeting of the Arab Monetary Fund (AMF). Through a press release on a Dec.13-14 meeting which will not directly to the cryptocurrency. It refers that the financial technology topics more usually will be used for the discussion among the group of central bankers and the financial regulators.

 Al-Mansouri said:

“This is the first times[sic] the monetary authorities of two countries cooperation to use blockchain technology,” 

Al-Mansouri described in National:

“It is the digitisation of what we do already between central banks and banks.”

The involvement of Saudi Arabia’s central bank is noteworthy, provided that the institution to date has neither mentioned on the tech nor indicated that it was looking for the potential use cases.

Through the difference, the UAE is the native for so many private and public sector-driven initiatives, even including the Dubai’s Global Blockchain Council. The number of financial institutions has expanded the uses of the tech in recent months, including the Emirates NBD, which is developing a blockchain-based service which can be used to validate the bank cheques.