Wednesday, January 23, 2019 | 2:09 p.m

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The United Arab Emirates (UAE) and Saudi Arabia announced an agreement to jointly create a new crypto currency. This was based on a UAE news agency Emirate News Agency, last weekend.

quoteQuoted from Cointelegraph, Wednesday (1/23/2019), the Coordinating Committee for the Coordination Agency of the Saudi-Emirates has held a meeting in the UAE capital Abu Dhabi. The meeting was attended by 16 members from both countries.

In the meeting a number of initiatives were discussed between the two countries, including civil aviation, financial literacy training for young people, and the development of cross-border digital currencies. It was reported that the crypto currency was only targeted to banks in the trial phase.

Also read: https://ekonomi.kompas.com/read/2018/12/24/131101726/pertama-kali-miliarder-uang-kripto-donasikan-kekayaan-untuk-amal

Trials are conducted to have a better understanding of the implications of blockchain technology and facilitate cross-border payments. The shared crypto currency project will also include research related to the impact of a centralized currency on financial policy.

The initiative also mentioned related to consumer protection, the creation of standards for technology, and cyber security risk considerations. In addition, it is also considered the impact of a centralized currency on monetary policy.

In December 2018, it was proclaimed that the UEA central bank collaborated with the Saudi Monetary Authority to issue crypto currencies received for cross-border transactions between the two countries. UAE is also rumored to want to become the main destination for blockchain related business activities this year.

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