Central banks of UAE & Saudi Arabia launch digital currency for bank remittance

posted 7 months ago
The central banks of Saudi Arabia & UAE jointly launched a digital currency trial. The Saudi Arabian Monetary Authority and the Central Bank of the UAE said the project is aimed to facilitate blockchain-based financial settlements between the two countries.

While the central remittance systems in both countries have “evolved overtime and proved their feasibility” international remittances have room for improvement, the central banks said.
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