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Saudi Arabia and UAE seek to launch a "digital" currency
The Vice President of the Saudi Arabian Monetary Agency for Strategy and Excellence, Mohsen bin Ali Al-Zahrani, revealed that the Foundation is working with the UAE Central Bank to create a "coded" currency, covered by cash at the Central Bank.
Al-Zahrani said the planned currency would be used between Saudi and UAE banks as payments in banks, including a specific number of banks in the two countries, the official SPA news agency reported.
Al-Zahrani predicted that large parts of this encrypted currency project will be completed by the middle of 2019. SAMA will examine the appropriateness of its continuity and expansion among banks.
Al-Zahrani made the remarks during his participation in a symposium organized by the Sultan bin Abdulaziz Center for Science and Technology (SITEK) in the Eastern Province of King Fahd University of Petroleum and Minerals on Tuesday.
The aim of the meeting is to develop a national roadmap for five governmental bodies, in cooperation with private entities, on how to adopt the digital economy and to learn about the latest developments in this regard.
UAE's central bank governor Mubarak al-Mansouri said the digital currency to be launched between the UAE and Saudi Arabia had entered the design phase in cooperation with the Saudi Arabian Monetary Agency (SAMA).
Al-Mansouri pointed out that it will be agreed on the date of launching the currency with the Saudi side, according to a detailed study currently under way.
He explained that the digital currency is not intended to replace a certain currency, but it will be a new tool of payment between banks, not between individual consumers.
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