Saudis, UAE Mull Single Digital Currency To Boost Ties - Reports

Mohammad Ali (@ChaudhryMAli88) Published January 20, 2019 | 01:57 AM

DUBAI (UrduPoint News / Sputnik - 20th January, 2019) Saudi Arabia and the United Arab Emirates announced plans on Saturday to launch a digital coin as a way to boost bilateral ties, Emirati state media reported.

The cryptocurrency was one of the initiatives rolled out at the regular Executive Committee of the Saudi-Emirati Coordination Council in Abu Dhabi, the WAM news agency said.

Only central and commercial banks of the two Arab monarchies will be initially authorized to trade in cryptocurrency.

The countries hope that the digital coin will ease cross-border transactions, promote technological progress, and give them first-hand experience of how single Currency shapes monetary policy.