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Launching a transient project to issue a common currency between the UAE and Saudi Arabia
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The UAE and Saudi Arabia launched a "transient" project to issue a digital currency to accelerate and reduce the cost of remittances and financial settlements between the two markets, boosting trade and financial trading and supporting the development of the economies of both countries.
The UAE Central Bank and the Saudi Arabian Monetary Agency (Sama) said in a joint statement that the objective of the project is to understand and study the dimensions and feasibility of new technologies closely through actual application and to know their impact on improving and reducing the costs of transfers and assessment of technical risks and how to deal with them.
The project will also contribute to the qualification of cadres that will deal with future technologies and understand the requirements for issuing a digital currency between two countries.
According to the UAE-based newspaper Al-Ittihad, a well-known bank source expected the two sides to work on issuing the digital currency as soon as possible, indicating that the new digital currency would be under the central supervision of both the UAE Central Bank and the Saudi Monetary Agency.
The source said he expected the monetary authorities of the two countries to create a reserve of their respective currency (or balance) for use in withdrawals and deposits when the transfers are made.
He explained that this development is very important because it will contribute to reducing the time necessary to the maximum degree possible.
On the mechanism agreed upon in the implementation of a transient project between the Monetary Authority and the Central Bank of the UAE, the statement stressed that the focus in the early stages will be on the technical aspects, and will be limited to a limited number of banks in each country.
http://economy-news.net/content.php?id=15241
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