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.
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Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
