The Central banks of UAE and Saudi Arabia launch a pilot project on the blockchain

It is reported that the Central banks of the United Arab Emirates and Saudi Arabia launch a pilot project that will allow the two organizations to test the new crypto currency for cross-border payments.

Regional newspaper the National, and Gulf Digital News reported that the head of the Central Bank of the UAE Mubarak Rashid al Mansouri (Mubarak Rashid al-Mansouri), announced this initiative at the meeting of the Arab monetary Fund (AMF). In a press release
of the meetings of December 13-14, mentions that the matter of financial technologies more specifically will be discussed by groups of Central banks and financial regulators.

According to the GDN, al Mansouri noted that such an initiative – the first such project in the region.

«For the first time, formal financial institutions of the two countries together to use the technology of the blockchain» he said.

Well, to quote The National, al Mansouri described the project as «the digitization of the operations that we have implemented between the Central and commercial banks». Part of the Central Bank of Saudi Arabia is particularly noteworthy, as the organization did not comment on the technology and noted that studying the potential options for its use.

The UAE, in contrast, became the birthplace of a number of initiatives with the private and public sector, including Global Blockchain Council of Dubai. In recent months a number of financial institutions studied the use of technology including Emirates NBD, which is developing a service based on the blockchain to verify Bank checks.

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