On Saturday the governments of Saudi Arabia and the United Arab Emirates
announced a new cross border digital currency initiative. It’s just one of seven projects unveiled as part of the Saudi-Emirati Coordination Council which has a vision of economic, social and military integration between the two countries.
The announcement said that the Saudi-Emirati pilot digital currency was launched during the meeting. According to the statement: “The cross-border digital currency will be strictly targeted for banks at an experimental phase with the aim of better understanding the implications of Blockchain technology and facilitating cross-border payments.”
It’s unclear whether this will be a joint
Central Bank Digital Currency (CBDC). If it is a CBDC, it’s a “wholesale” one given it’s only meant for use by banks.
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