United Arab Emirates and Saudi Arabia Collaborate on New Cryptocurrency

Published at: Jan. 20, 2019

The United Arab Emirates (UAE) and Saudi Arabia have announced an agreement to cooperate on the creation of a cryptocurrency, UAE official news agency Emirate News Agency reports on Jan. 19.

According to the report, the Executive Committee of the Saudi-Emirati Coordination Council has held a meeting in UAE capital Abu Dhabi, with 16 members in total from both countries, in order to discuss the join initiatives in the Strategy of Resolve.

The Strategy of Resolve is comprised of seven initiatives, including civil aviation, financial awareness youth training, and the development of a cross-border digital currency. According to the article, the cryptocurrency “will be strictly targeted for banks at an experimental phase with the aim of better understanding the implications of blockchain technology and facilitating cross-border payments.”

The joint cryptocurrency project will also research the effect of a central currency on financial policies.

The initiative reportedly seeks to protect customer interest, create standards for technology, and consider the cybersecurity risks while determining the impact of central currencies on monetary policies, Emirate News Agency reports.

Cointelegraph reported in December last year that the United Arab Emirates’ central bank was collaborating with the Saudi Arabian Monetary Authority to issue a cryptocurrency accepted in cross-border transactions between the two countries.

During the same month, Cointelegraph reported that the United Arab Emirates is looking to join the list of leading destinations for blockchain-related businesses in 2019 due to its new crypto legislation.

Tags
Blockchain
Cryptocurrencies
Saudi Arabia
Uae
Cybersecurity
Related Posts
Crypto traders fight in WBS Dubai for Amir Khan’s charity boxing match
The World Blockchain Summit in Dubai hosted an exhibition boxing match between top cryptocurrency traders and influencers for the WBC Crypto Belt. The fights were supported by a charity event, featuring an auction of memorabilia including digital currency assets and nonfungible tokens (NFTs). What started off as a conversation for a friendly match with a small audience, saw the involvement of two-time World Boxing Champion Amir Khan and the Super Boxing League (SBL) as the organizer, in association with ByBit crypto exchange and World Boxing Council. Amir khan crypto fight night. 2 of the biggest crypto traders @RookieXBT vs @loomdart …
Adoption / Oct. 17, 2021
Six UAE and Saudi Arabian Banks Join Digital Currency Cross-Border Transaction Project
Six commercial banks from Saudi Arabia and the United Arab Emirates (UAE) have joined a digital currency project, major Saudi Arabian financial news portal Argaam reports on Feb. 5 Referring to comments from the UAE central bank (UAECB), Agraam notes that the goal of the project is to use cryptocurrency for financing transactions between Saudi Arabia and the UAE. The news about developing a cryptocurrency by the two aforementioned countries came in December 2018, when UAECB and Saudi Arabian Monetary Authority (SAMA) had announced that the countries intended to use cryptocurrency for cross-border transactions. Today’s news underlines that six unnamed …
Blockchain / Feb. 5, 2019
Iranian Crypto Ransomware Threat Will Rise in Today’s Geopolitical Climate, Report Predicts
Iran-based malware that demands a digital ransom in cryptocurrencies is on the rise and will further escalate in the present geopolitical climate, according to a report published by global management consulting firm Accenture on August 7. After two years of analysis, Accenture Security iDefense predicts that emerging trends in the Iranian cyber threat landscape will intensify as the country is forced into a defensive and economically straitened position in the wake of the U.S. exit from the Obama-era Iran nuclear accord this spring. With the US set to imminently to reimpose tough economic sanctions, Accenture has warned that the ransomware …
Bitcoin / Aug. 8, 2018
Don’t blame crypto for ransomware
Recently, gas has been a hot topic in the news. In the crypto media, it’s been about Ethereum miner’s fees. In the mainstream media, it’s been about good old-fashioned gasoline, including a short-term lack thereof along the East Coast, thanks to an alleged DarkSide ransomware attack on the Colonial Pipeline system, which provides 45% of the East Coast’s supply of diesel, gasoline and jet fuel. In cases of ransomware, we generally see a typical cycle repeat: Initially, the focus is on the attack, the root cause, the fallout and steps organizations can take to avoid attacks in the future. Then, …
Technology / May 30, 2021
Trident Crypto Fund Data Breach: 266,000 Passwords Stolen
In a major privacy breach, the usernames and passwords of more than a quarter of a million Trident Crypto Fund customers have been stolen and published online. Technical director of cybersecurity firm DeviceLock Ashot Oganesyan told Russian news outlet IZ the database — which contains email addresses, cellphone numbers, encrypted passwords and IP addresses — had been uploaded to various file sharing websites on February 20. Earlier this week, hackers decrypted and published close to 120,000 of the passwords, potentially enabling them to log into affected users’ accounts and access their funds. 10,000 Russians affected Oganesyan said that while attacks …
Blockchain / March 6, 2020