The states announced plans to create the joint cryptocurrency in the framework of strengthening the strategic bilateral partnership. Digital currency will be introduced to facilitate cross-border payments. It can be used by central and commercial banks.
The digital asset will be launched next year. At the initial stage only central banks and commercial banks of both countries will be able to use the cryptocurrency. In addition, the authorities of the UAE and Saudi Arabia plan to study blockchain technology using the example of their cryptocurrency development. Moreover, it will allow the governments of both countries to conduct an assessment of risks in the field of cybersecurity and analyze the impact of cryptocurrency on financial markets.