Coinatory

Saudi Arabian Monetary Agency (SAMA) and the UAE Central Bank (UAECB) launched the joint Aber digital currency, designed to serve as a means of payment in cross-border payments between the two countries. We are talking about an experimental stage at which both central banks intend to study the use of the blockchain in issuing common digital currency for cross-border payments, the central bank of Saudi Arabia said in a statement. The two countries decided to launch a joint project, since each has centralized money transfer and internal transaction systems that have proven to be profitable. However, the statement says that certain aspects of the international money transfer system need further development. SAMA and UAECB agreed that ... Read more about " Saudi Arabia and the UAE launched the digital currency Aber " on coinatory.com

Representatives of the United Arab Emirates (UAE) and Saudi Arabia have announced cooperation in order to create a new cryptocurrency, reports Emirate News Agency. Representatives of both countries discussed the draft joint integrated strategy, including initiatives in such areas as civil aviation, youth financial literacy and the creation of a digital currency for cross-border payments. The cross-border digital currency 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. Also in the course of the joint project, the impact of the new cryptocurrency on the financial policies of both countries will be ... Read more about " Riyadh and Abu Dhabi will create a joint cryptocurrency " on coinatory.com

The Saudi-British Bank (SABB) became the first financial institution in the country, which joined the global blockchain consortium R3. Established in 1978, SABB is a Saudi joint stock company offering banking, commercial and investment services and has a strong reputation in the market. Thus, the magazine Global Finance magazine recognized for the tenth time in a row, as the "Best Trade Finance Bank" in Saudi Arabia, was named the best financial supply bank in the Middle East in 2018. SABB also announced by Euromoney as the "Best Bank for ... Read more about " The Saudi-British Bank joined the R3 Blockchain Consortium " on coinatory.com

Saudi Arabia has declared the cryptocurrencies outlawed, a corresponding statement was made by the committee, which includes local regulators, as well as a number of ministers. Citizens of the country warn against investments in digital assets that are characterized by high risk, as well as the possibility of uncontrolled movement of coins to unknown individuals and organizations. At the same time, the statement does not specify whether all participants in crypto deals will now be prosecuted and what punishment they will face, or the ... Read more about " Saudi Arabia outlaws cryptocurrencies " on coinatory.com