The United Arab Emirates (UAE) and Saudi Arabia have proclaimed an agreement to collaborate on the creation of a cryptocurrency, UAE official news agency Emirate press agency reports on January. 19.

According to the report, the executive Committee of the Saudi-Emirati Coordination Council has held a gathering in UAE capital Abu Dhabi, with sixteen members in total from each countries, so as to discuss the join initiatives within the Strategy of Resolve.

The Strategy of Resolve is comprised of seven initiatives, as well as civil aviation, monetary awareness youth training, and therefore the development of a cross-border digital currency. as per the article, the cryptocurrency “will be strictly targeted for banks at an experimental phase with the aim of better understanding the implications of blockchain technology and facilitating cross-border payments.”

The joint cryptocurrency project also will analyse the impact of a central currency on monetary policies.

The initiative reportedly seeks to shield client interest, create standards for technology, and take into account the cybersecurity risks whereas determining the impact of central currencies on financial policies, Emirate press agency reports.

Top Market Group reported in December last year that the United Arab Emirates’ central bank was collaborating with the Saudi Arabian financial Authority to issue a cryptocurrency accepted in cross-border transactions between the 2 countries.

During the same month, Top Market Group reported that the United Arab Emirates is wanting to join the list of leading destinations for blockchain-related businesses in 2019 because of its new crypto legislation.

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