Riyadh – Mubasher: The Saudi Arabian Monetary Authority (SAMA) is working with the Central Bank of the UAE to launch a cryptocurrency to be used among lenders of the two GCC nations over the coming period, the director of SAMA Innovation Centre Mohsen Alzahrani said.
The cryptocurrency will be covered by cash in the two central banks, while a big part of this project is expected to be completed in mid-2019, the Saudi Press Agency (SPA) reported, citing Alzahrani.
He also indicated that SAMA is weighing up the possibility of using blockchain technology.
The official further noted that some of the Saudi banks will use a blockchain system in payments abroad in the near future.
