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It’s confirmed. The United Arab Emirates (UAE) and Saudi Arabia will work on cross-border digital currency. The exact date when it would be issued is still unknown but we know one thing, the digital currency is not targeted at consumers. It’s strictly for banks.
Arabian news outlet Gulf News reports that the central bank of the UAE, along with its Saudi counterpart—the Saudi Arabian Monetary Authority (Sama) will jointly issue a cross-border digital currency that will be used between both countries.
It could be recalled that CCN first reported about a collaboration between the monetary authorities of both countries as far back as 2017.