Home News Saudi Arabia and UAE will launch an inter-bank cryptocurrency in 2019

Saudi Arabia and UAE will launch an inter-bank cryptocurrency in 2019

Saudi Arabia will launch its own cryptocurrency in 2019 jointly with the United Arab Emirates (UAE), as reported by the Head of Innovation at the Saudi Arabia Monetary Authority (SAMA), country’s financial regulator, Mohsen Al Zahrani. The new cryptocurrency will not be designed to replace the fiat currency, rather it would work as a payment system, designed solely for banks, not for the common public.

The comments on the matter were first reported by the Saudi Press Agency and the digital currency is being developed in association with the United Arab Emirates (UAE). Not many details have surfaced about the currency, what it will be pegged to or will it be entirely a new currency.

“The digital currency will not replace [physical cash, it will be a new payment tool used by banks and not individuals,” – said the governor of Central Bank of UAE Mubarak Al-Mansouri.”

Al-Mansouri also noted that the currency has entered the design phase. He stated that the launch of the new digital currency would depend upon how quickly Saudi Arabia complete necessary research to its formation. Till now, the launch of new digital currency is likely to be around mid-2019.

This news was provided by Crypto News India, our partnering media source in India.