The Central Bank of the UAE and Saudi Arabia will test the payment system using cryptocurrency


The central banks of the UAE and Saudi Arabia are launching a new pilot project, which will test the new crypto currency for making international payments. This is written by CoinDesk.

The head of the Central Bank of the United Arab Emirates Mubarak Rashed Al Mansuri told about the preparation of the project at a meeting of the Arab Monetary Fund. In the course of his speech, he stressed that this is the first such initiative in the region.

“For the first time, the official financial institutions of the two countries decided to pool their efforts to use the technology of blocking,” he said.

According to Al Mansuri, the project will allow “to digitize what the central banks and banks are already engaged in.”

Earlier, the central bank of Saudi Arabia did not report that it was interested in blockchain technology. The UAE, on the other hand, is developing a number of projects in the private and public sectors. Recently, a number of large organizations have embarked on research in this field, including the Emirates NBD bank, which is developing a system for blockchain checks to check bank checks.

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