Central bank issued cryptos idea gain traction: Saudi Arabia and UAE central banks collaboration
|- “…we hope that this achievement will foster similar collaboration in our region,” UAE central bank governor.
- The digital asset will enable efficient interbank funds transfer.
The idea of central bank issued cryptocurrencies has for some time been a topic of discussion. While many central banks around the world tend to stay far away from virtual currencies, some have shown interest in the digital assets.
The United Arab Emirates’ (UAE) central bank are partnering with the Saudi Arabian Monetary Authority (SAMA) to come up with a joint digital currency to enable faster cross-border funds transfer. The news of the collaboration reported by GulfNews, a news media outlet.
Details of the venture were first mentioned by the governor of UAE’s central bank, Mubarak Rashed Al Mansouri in the course of a global banking standards and regulation for the Arab region.
“This is probably the first time ever that witnesses the cooperation of monetary authorities from different countries on this topic and we hope that this achievement will foster similar collaboration in our region.”
The governor also emphasized that the idea was still in the study phase and that they are not deeply invested in it. The digital asset to be created be used for interbank transfers as they look for more efficient transfers.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.