Riyadh and Abu Dhabi will create a joint cryptocurrency

Representatives of the United Arab Emirates (UAE) and Saudi Arabia have announced cooperation in order to create a new cryptocurrency, reports Emirate News Agency.

Representatives of both countries discussed the draft joint integrated strategy, including initiatives in such areas as civil aviation, youth financial literacy and the creation of a digital currency for cross-border payments.

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.

Also in the course of the joint project, the impact of the new cryptocurrency on the financial policies of both countries will be studied. Special attention will be paid to protecting consumer rights, creating technological standards and identifying cybersecurity risks.