UAE and Saudi Arabia create joint cryptocurrency

UAE and Saudi Arabia have announced their intention to create a joint cryptocurrency in order to strengthen cooperation, the WAM news agency reports. The news was announced at a meeting of the Emirates-Saudi Coordination Council in Abu Dhabi. The council was created by countries last year. It is headed by the Crown Prince of Abu Dhabi and the Crown Prince of Saudi Arabia. The leaders of the countries hope that the introduction of a joint cryptocurrency will facilitate payments between citizens of states and affect the development of technology. Countries also hope to assess cybersecurity risks and the impact of the single currency on monetary policy. For now, cryptocurrency will be available only to the central and commercial banks of the UAE and Saudi Arabia. The parties began to focus on bilateral integration after the diplomatic crisis around Qatar. Countries will also simplify customs procedures and conduct joint exercises to assess the sustainability of supply in crisis and natural disaster situations.


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