Saudi-UAE Plan to Launch Joint Cryptocurrency

Saudi Arabia and the United Arab Emirates (UAE) have agreed to issue a cryptocurrency on an experimental basis. The digital currency will be confined to trading between a number of banks in both countries.

28 November 2019 | AtoZMarkets – Saudi Arabia and the UAE have agreed to issue a joint cryptocurrency during an official visit on November 27 to discuss joint policy measures in UAE, the National reported.

Leaders agreed on four new policy partnerships

According to the report, Prince Mohammed was welcomed by His Highness Sheikh Mohamed bin Zayed al Nahyan, the Crown Prince of Abu Dhabi. He was also welcomed by the Deputy Supreme Commander of the UAE Armed Force. During the meeting, the leaders discussed joint policy measures including a launch of a digital currency for banking use. 

Leaders of both countries agreed on four new policy partnerships and to have reviewed seven strategic initiatives, including jointly-issued cryptocurrency. The digital currency aims to facilitate interbank trading between the two countries. The Saudi Arabian Monetary Authority (SAMA) and the United Arab Emirates Central Bank (UAECB) had revealed the details of this cryptocurrency earlier in January.

UAE regards Saudis as a strategic partner in the region to jointly safeguard its regional political and financial interests. The officials from both nations have been discussing solutions to face the financial challenges in the Arab world jointly.

Saudi UAE cryptocurrency will have limited bank usage

The Saudi UAE cryptocurrency will not be issued to the general public. Rather, the digital currency dubbed “Aber” will be limited to banks during its first stages until the governments have a better understanding of how Blockchain technology operates cross-borders.  Moreover, it will exclusively be used by a limited number of banks in the two countries.

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