• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
3 Reasons Ivy Partnering with Talenta Is a Good Thing
Nexo

UAE and Saudi Arabia Just Announced Joint Cryptocurrency Effort

Samuel Rae by Samuel Rae
4 years ago
in News, Altcoin News, Blockchain, FinTech, News teaser
0

The UAE and Saudi Arabia are teaming up to create a cryptocurrency for cross-border transactions.


The adoption of cryptocurrency in the Muslim world and – in particular – the Middle East, has been the subject of heated debate over the last few months. This week, however, it seems as though two of the most influential and powerful entities in the region have taken steps towards validating the technology and its place in regional and international monetary framework.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Well, validating the utility of the technology, that is.

A Multi-National Banking Cryptocurrency

A Multi-National Banking Cryptocurrency

On December 13, 2017, reports hit the press that two of the middle eastern superpowers, are teaming up to create and issue a digital currency. The two powers in question are the United Arab Emirates and Saudi Arabia and, specifically, it will be the central bank of each that get together and build out the framework for the issue.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

According to reports, the digital currency to be created will be based on blockchain technology (hence our argument that the move goes some way to validate cryptocurrency) and it’s designed, primarily, as a tool that can facilitate cross-border transactions between the two countries.

The UAE and Saudi Arabia already have a very well established and large-scale import/export relationship with one another. Saudi Arabia exports to the UAE total $6.74 billion annually, with the reverse figure (exports from the UAE to Saudi Arabia) total $8.5 billion.

The friction created when using cash, even digital cash, as a transaction method has long been an issue with cross-border payments and, when aggregate volume totals tops $15.2 billion annually, these frictions amplify. As such, the transfer to a blockchain based cryptocurrency makes sense – even in a region that has, to date, been somewhat unsupportive of the technology.

Here’s what Mubarak Rashed al-Mansouri, the governor of the Central Bank of the UAE, had to say on the development:

This is the first times the monetary authorities of two countries cooperation to use blockchain technology… It is digitization of what we do already between central banks and banks [sic].

How this will impact the use of cryptocurrency by individuals within these regions remains to be seen. As things stand, the development relates only to central bank transactions. Over time, however, a relaxed governmental attitude towards cryptocurrency could filter through to the general public.

What are your views? Could these sorts of cross-border mechanisms benefit other, similar international trade relationships? Let us know!


Image courtesy AdobeStock

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Samuel Rae

Samuel Rae

Related Posts

NFT

NFT Project Milady’s Charlotte Fang Accused Of Racism And Homophobia

12 hours ago
Magic Johnson

Magic Johnson Unveils NFTs Showcasing The Basketball Legend’s Iconic Moments

14 hours ago
Phishing

Phishing Criminals Steal $70,000 Using Beeple’s Hacked Twitter Account

2 days ago
Bitcoin

Bitcoin And Retirement: U.S. House Bill To Include Crypto On 401(K) Plans

2 days ago
DAI

DAI Emerges Strong Despite Terra’s Downfall

2 days ago
Crypto

Cryptocurrency Is ‘Worthless,’ European Central Bank President Says

3 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.