Saudi Arabia and United Arab Emirates have reached an agreement to work collectively on the creation of a cryptocurrency.
The announcement comes after both countries were reportedly working out details of the collaboration for developing the cryptocurrency last month.
The news came out soon after a meeting of the Saudi Arabia and United Arab Emirates delegates at the Saudi-Emirati Coordination council Saturday in Abu Dhabi. A total of 16 members of the council, from Saudi Arabia and UAE, participated in the first such meeting held between the gulf-neighbours.
The representative members agreed and signed upon the joint initiatives of the Strategy of Resolve.
The Strategy of Resolve is made up of several initiatives, focused on improving all aspects of the relationship between the two nations. Initiatives like creating financial awareness among youth by trainings, improving civil aviation and working on developing a cross-border cryptocurrency are some of the most notable ones.
The article released by the official Emirates news agency states that cryptocurrency “will be strictly targeted for banks at an experimental phase with the aim of better understanding the implications of blockchain technology and facilitating cross-border payments.”
The two countries discussed and agreed to launch a joint platform to support SMEs that allows registered Saudi and UAE SMEs to prosper from procurement allocations of these countries.
The meeting also provided the basis for the signing of the Joint Supply Chained Security Cooperation program, which has been established for the countries to provide support and supplies to each other in times of distress and to exchange knowledge and expertise on the same.
The UAE minister of cabinet of affairs and future, Mohammad bin Abdullah Al-Gergawi, and the Saudi minister of economy and planning, Mohammed bin Mazyad Al-Twaijri, were the two heads of the committee, which itself saw an equal representation of delegates from the two countries.
The main focus of the committee for the time being would be, but not limited to, tracking the progress and fulfillment of these initiatives.