Saudi Arabia and the UAE seek to launch a number of joint

Revealed the kingdom of Saudi Arabia and the United Arab Emirates about the details of the first phase for the issuance of digital currency to participate in among them.

He explained the joint statement that the objective of the launch of the project “transient” for the issuance of digital currency used by Saudi Arabia and the UAE in the delivery of finance through a technical series of books and records of the group and block your chi.

The statement added that the work will be to understand and study the dimensions of the modern technologies and the feasibility of its closely through the actual application and the extent of its impact on improving and reducing the costs of operations analysis and evaluation of the technical risks and how to deal with it, next to the rehabilitation of cadres that will deal with the technologies of the future, understand the requirements for the issuance of digital currency used between the two states, in addition to finding an additional method for analysis of Central in the country, allowing banks to deal directly with each other to regulate financial transfers.

Reported statement of the reasons for the launch of the draft digital currency is common to the two states both have systems centralized treatment of the dialogues and processes of local development with the passage of time and proven. As this project will explore the possibility of using the system as an additional backup to central systems for the settlement of domestic payments and when you crash it for any reason.

On the agreed mechanism in the implementation of the project “transient” between the Sama and the UAE central bank, stressed the statement that the focus during the initial stages will be on the technical aspects, will also be a limited number of banks in each state, adding that “during the experiment, in the case of what if it turns out the lack of technical barriers, will study the economic aspects and legal requirements for future uses”.

Recall that the governor of the UAE central bank has revealed a year ago in a speech in the conference of the regional financial that the countries are working on the issuance of digital currency accepted in a transaction interface.

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