Saudi Arabia Planning to Launch a New Cryptocurrency Coin with UAE in 2019

[KYCbench]

 

Saudi Arabia will release its own cryptocurrency for interbank transactions in 2019, together with the United Arab Emirates, said the Head of the Innovation Department of the Kingdom financial regulator Saudi Arabia Monetary Authority (SAMA), Mohsen Al Zahrani.

For the first time, Saudi Press Agency wrote about its own cryptocurrency, explaining that the cryptocurrency will be used as a mechanism for the implementation of interbank payments and will be available only to banking organizations. The Head of the United Arab Emirates Central Bank Mubarak Al Mansouri explained:

The digital currency will not replace physical cash,” commented on the matter Al-Mansouri, “it will be a new payment tool used by banks and not individuals.”
Al Mansouri also noted that the cryptocurrency is under development: its launch is planned as soon as Saudi Arabia will complete the necessary research, which is likely to be in the middle of 2019.

Recall that in August 2018, a special committee consisting of representatives of various ministries and the central bank of Saudi Arabia, said that trading in "unresolved" cryptocurrencies, such as Bitcoin, was illegal in the country.

In October, the Minister of Communications and Information Technology of the Kingdom of Abdullah Amer Al Swah announced his intention to use blockchain in trade operations with Russia and enter into a number of partnerships with Russian blockchain companies for the development of this area.





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