The UAE and Saudi Arabia working on a digital currency standard for international transactions

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I started all of United Arab Emirates, Kingdom of Saudi Arabia development technical and Financial for the settlement of transactions interfaces through the draft process.

This came on the tongue Mubarak Rashid Al Mansouri, governor of UAE central bank clarified that the completion date of the digital currency consolidated with Saudi Arabia will be at the end of next year.

He explained Al Mansouri, that the digital currency has two phases, the first at the local level between the central bank and banks operating in the state to find the currency used in financial transactions, and second the application of those work across borders.

And began to the Central Bank of the UAE, the Saudi Arabian Monetary joint venture takes advantage of the technology block Qi and consultation processes issue the number of common acceptable in trading cross-border.

Will the digital currency is supported by the work of two genuine two countries dirham and. Hopes of the Emirates to work out of its joint venture with Saudi Arabia to expand later to more of the Arab Gulf states.

It is worth noting that the 140 million Arabs comprise 40.1% of the population of the Arab world don’t have bank accounts and do not have the ability to access new financial instruments.

The UAE and Saudi Arabia working on a digital currency standard for international transactions appeared first on the tech world.

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