Dubai — Mubasher: The UAE and Saudi Arabia have started using a digital currency that had been jointly developed for cross-border settlements, the UAE’s central bank governor said on Wednesday.
The central bank was also working on a strategic plan to develop fintech which would be supported by a legislative and regulatory framework, Rashed al-Mansouri added on the sidelines of Arab Fintex symposium that began on Wednesday in Abu Dhabi.
Al-Mansouri also added, “We hope this initiative will encourage similar cooperation at the level of GCC countries and world at large.”
Ahmed Abdulkarim, governor of the Saudi Arabian Monetary Authority (SAMA), previously said that SAMA, in cooperation with the UAE central bank, has recently launched a project to issue digital currency and use blockchain technology in cross-border payments.
