The central banks of the United Arab Emirates and Saudi Arabia are apparently introducing a pilot initiative that will certainly see both organizations check a new cryptocurrency for cross-border repayments.

Regional news resources such as The National as well as Gulf Digital Report that Mubarak Rashid al-Mansouri, the UAE central bank’s governor, revealed the effort at a conference of the Arab Monetary Fund (AMF). Though a press release tied to the Dec. 13-14 conference does not directly associate with cryptocurrency, it does reference that economic technology topics much more normally will be up for conversation among the team of central lenders as well as financial regulators.

According to GDN, al-Mansouri applauded the initiative as an initial for the region.

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” This is the very first times [sic] the monetary authorities of 2 countries teamwork to use blockchain modern technology,” he claimed.

As estimated by The National, al-Mansouri described the project as a “digitisation of just what we do already in between reserve banks as well as banks.”

The participation of Saudi Arabia’s central bank is noteworthy, given that the institution to date has not commented on the tech or indicated that it was considering potential use cases.

By contrast, the UAE is home to a variety of private and public sector-driven initiatives, consisting of Dubai’s International Blockchain Council. A number of financial institutions have explored uses of the technology in recent months, include Emirates NBD, which is creating a blockchain-based solution for validating bank cheques.

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