TEHRAN, December 15 - Saudi Arabia and the United Arab Emirates (UAE) have announced plans to issue a cryptocurrency for use in cross-border transactions.
TEHRAN, Young Journalists Club (YJC) - The new digital currency, which will be based on blockchain technology, will reportedly only be used for inter-bank transactions between the two countries, which share a border in the eastern Arabian Peninsula, and not for customer use. No launch date has been announced.
This is while the Saudi Arabian Monetary Authority (SAMA) has effectively banned digital currencies in the Middle Eastern country.
Source: Sputnik News
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