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Saudi Arabia, UAE poised to launch digital currency

by CBDC Insider Staff
February 27, 2020
in Business, Middle East
Reading Time: 1min read
0
Saudi Arabia, UAE poised to launch digital currency
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Saudi Arabia and the UAE are working on the launch of a digital currency that could be used for transactions between the region’s banks by using blockchain, the technology that underpins bitcoin.
Citing UAE Central Bank Gov. Mubarak Al-Mansouri, Reuters reported on Wednesday that UAE and KSA banks would issue a digital currency that would be accepted in cross-border transactions between the two countries.
In a speech to a regional financial conference, Al-Mansouri explained that blockchain is a shared ledger of transactions, maintained by a network of computers on the Internet rather than by a central authority.

Continue reading: https://www.arabnews.com/node/1208631/business-economy

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