UAE and Saudi Arabia Going to Launch Joint Cryptocurrency to Re-plan Future Finance Technology

UAE and Saudi Arabia collaborate to launch the joint cryptocurrency for the very first time. WAM (UAE’s national press agency) disclosed the news on the first conference of the Saudi-Emirati Coordination council that held on Saturday in Abu Dhabi.

Initially, a limitation has been set for the cryptocurrency to bank unless the governments get better knowledge and familiar regarding its technological usage for cross-border countries.

At present, it will operate the ‘distributed database within the participating banks of both sides and central banks’. It is aimed to guaranteed protection of the customer interests, assessing risks of the cybersecurity and setting a finest example of technological standards. Eventually, it will impose an impact on central currency for the financial policies.

Both representatives of UAE and Saudi Arabia were present at the meeting to sign the Joint Supply Chained Security Cooperation program. Also they have checked the abilities of opposite countries for providing vital supplies at the time of national emergencies and crisis along with in-depth knowledge and expertise in this respective field.

Each of 16 members of the executive council committee supported to the execution of mentioned initiatives of Strategy of Resolve.

Among this, 5 other initiatives have been also set by the representatives for betterment of the cooperation within these 2 countries. Some notably of them are facilitation of traffic between ports, improvement of airports to enable easy travel service to disabled people, financial awareness program for children of 7-18 years old, inception of joint platform for supporting local SMEs and the civil aviation market integration.

The meeting was led by minister of cabinet of affairs and the future of UAE, Mohammad bin Abdullah Al-Gergawi and minister of economy and planning in Saudi, Mohammed bin Mazyad Al-Twaijri. The committee is supposed to regularize the inception of the newly made initiatives.