Saudi-UAE Digital Currency

Mohammed bin Salman, Saudi Crown Prince arrived in the United Arab Emirates (UAE) for an official visit yesterday to discuss joint policy measures, including a digital currency plan.

 

Private English-language daily UAE newspaper The National on On November 27th reported that Prince Mohammed was welcomed by His Highness Sheikh Mohamed bin Zayed al Nahyan, the Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.

The two leaders reportedly officially agreed on four new policy partnerships and on the agenda was a policy to launch a digital currency to facilitate interbank trading between the two countries.

Remember that details of the jointly-issued digital currency were revealed by the United Arab Emirates Central Bank (UAECB) and the Saudi Arabian Monetary Authority (SAMA) in January of this year.

Today’s discussion situates the policy among the foremost partnerships between the countries — alongside agreements that include the construction of a major new oil refinery with a daily capacity of 1.2 million barrels and to cooperate on cybersecurity.

Per the National, Bank officials from both countries will be meeting in Riyadh this week to discuss challenges and opportunities in their respective financial sectors.