Saudi Arabian central bank and UAE central bank to test cryptocurrencies

nStunning comments: UAE government’s enthusiasm for blockchain technology and cryptocurrency Needless to say, surprisingly, the Saudi central bank, which has been quiet about this new technology, recently joined the ranks of exploring blockchain applications, UAE central bank to carry out a pilot project to test a new cryptocurrency for cross-border payments. As can be seen, the heat of blockchain technology in the region continues to rise.n
nTranslation: Inan
It is reported that the central banks of the UAE and Saudi Arabia have released a pilot scheme that will test a new cryptocurrency for cross-border payments.n
According to media reports in the area, Mubarak Rashid al-Mansouri, governor of the UAE Central Bank, disclosed the plan at a meeting of the Arab Monetary Fund (AMF). Although the press release on this December 13th and 14th meeting does not directly address cryptocurrencies, it shows that central banks and financial regulators will conduct more discussions on the subject of financial technology.n
According to Gulf Digital News, al-Mansouri praised the move as the first in the region.n
He said:n
n”This is the first time that monetary authorities in the two countries have been using blockchain technology.”n
nThe involvement of the Saudi central bank is noteworthy because the agency has so far not commented on blockchain technology nor has it revealed that it is exploring its potential use cases.n
By contrast, there have been many private and public sector projects in the UAE, including the Global Blockchain Council in Dubai. In recent months, some local financial institutions are studying the application of blockchain. For example, Emirates NBD is developing blockchain services to verify bank checks.n

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