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Central Bank of UAE: We are considering issuing a digital currency with Saudi Arabia
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Mubarak Rashid Al Mansouri, Governor of the Central Bank of UAE, said that there is a trend to issue a digital currency negotiable between the UAE and Saudi Arabia in order to improve and activate the efficiency of transactions. "The digital currency is not intended as a currency that will replace a particular currency, but it will be a new tool of payment," he said. He pointed out that the digital currency to be issued is in the context of electronic currencies parallel to national currencies. Al-Mansouri said the digital currency being studied is a joint venture between the UAE Central Bank and the Saudi Arabian Monetary Agency (SAMA), the first time ever that monetary authorities from two countries have cooperated to adopt the technology. "The negotiable currency between the UAE and Saudi Arabia comes within the use of block chain technology known as Block Qin," Al-Mansouri said in a press statement in Abu Dhabi. "It can be likened, for example, to exchanging cash with ATM cards." He added that the digital currency being studied will be launched by the Central Bank of Emirates (CBE), which will try its system locally at the beginning, in cooperation with banks operating in the UAE. The second kind of virtual currency is the kind of risk that these currencies may have because they depend on supply and demand and have no known reference. . |
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