The United Arab Emirates (UAE) and Saudi Arabia have recently announced the launching of a pilot central cryptocurrency — to be used for cross border transactions between central and local banks of the two countries.
The cryptocurrency is allegedly one of seven initiatives to be implemented by both countries and emerges as an experience to better understand the blockchain technology.
With this project attention will be paid to the consumers' protection, the creation of tech standards and the identification of cybersecurity risks — and both countries will analyze the impact of a central cryptocurrency on monetary policies.
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