UAE and Saudi Arabia to launch cross-border payments

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UAE and Saudi Arabia to launch cross-border payments

UAE and Saudi Arabia to launch cross-border payments on blockchain

  • The Central Bank of the UAE (CBUAE) and the Saudi Arabian Monetary Authority (SAMA) are behind the new initiative
  • The PoC is still at an early stage and will help it gain a deeper understanding of the feasibility of distributed ledger technology (DLT) in this field and explore the potential opportunities and benefits of a digital currency
  • CBUAE and SAMA selected an unnamed tech company to support the implementation of this PoC expected to be complete in the last quarter of 2019
  • The project started with initial knowledge transfer sessions, and is currently in the phase of business and technical requirements gathering
  • Once completed, the outcome of this PoC will determine whether a digital currency could be introduced in normal market operations between the two countries