Saudi Arabia set to launch their own cryptocurrency next year
- Saudi Arabia are looking to bring their own native digital currency to make in 2019.
- Early this year a number of Saudi financial outlets have been linked to Ripple and even testing the technology.
Saudi Arabia has been undergoing development for their own digital currency. This coming after partnership up with the United Arab Emirates. It is currently being reviewed by the Saudi Arabian Monetary Authority.
In terms of time frame, it is anticipated to hit the market by 2019. The willingness to move forward with its own native coin, was perceived as a way to enhance the cross-board payments system across the country.
Worth of note, earlier this year, Ripple were making progress over in the Middle East, Saudi Arabia, being one of the nations. National Commerce Bank in the country are a member of RippleNet. Furthermore, the Saudi Arabian Monetary Authority had even piloted the out a Ripple technology.
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
