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Jointly-Issued Digital Currency By Saudi-UAE Leaders - Binaryx

Jointly-Issued Digital Currency By Saudi-UAE Leaders

The other day was the official coming of Saudi Crown Prince Mohammed bin Salman to the UAE. The main reason for it was a conversation about joint policy measures, including a digital cash plan. His Highness Sheikh Mohammed bin Zayed al Nahyan, the Prince of Abu Dhabi, welcomed Prince Mohammed.

The conversation of influential people

Leaders officially agreed on four policy partnerships and to review seven strategic directions. The issue of the day was a policy to create digital cash to make easier interbank trading between their governments.

Such an appointment determines the policy among the leading partnerships between the governments and agreements that consist of the construction of a vast oil refinery and collaboration on cybersecurity.

“The UAE supposes Saudi Arabia to be as its “protection pillow,” carrying “the shield of defending its concerns against all aspirations aimed at secession Arab unity.” according to the press. Also, there was information that this week, representatives of banks from both countries would meet to talk about issues and possibilities in financial spheres.

Interbank usage can restrict digital cash

UACEB-SAMA digital cash is named “Aber.” It will be limited to financial settlements using distributed ledger technologies “on a probationary basis and exclusive use by a limited number of banks in the two governments.” Still, the banks did not appoint an official date of launching for the currency’s pilot.