Central Bank of the United Arab Emirates (CBUAE) governor Mubarak Rashed Al Mansouri confirmed this week that the UAE is collaborating with the Saudi Arabian Monetary Authority to study development of a blockchain-based digital currency that the two nations can use for cross-border transactions.
According to media outlet Arabian Business, Al Mansouri acknowledged the project in remarks at the Arab Fintex Forum in Abu Dhabi:
“This is probably the first time ever that witnesses the cooperation of monetary authorities from different countries on this topic and we hope that this achievement will foster similar collaboration in our region.”
Al Mansouri noted that the proposed digital currency is not intended for use by average citizens. Instead, the goal is to create a currency that improves the speed and efficiency of transactions between the two nations’ central banks.
The project is reportedly still in the research stage, with no firm deadline or timetable for development.