According to a report published on 19th Jan 2019 by Emirate News Agency (UAE official news agency) the United Arab Emirates and Saudi Arabia have partnered together to sign an agreement for the creation of a new cryptocurrency.

As per the report, a meeting was scheduled in the UAE capital Abu Dhabi by the Executive Committee of the Saudi-Emirati Coordination Council where a total of 16 members from both the countries participated to discuss the joint initiatives in the Strategy of Resolve.

This Strategy of Resolve has been comprised of seven initiatives that include financial awareness youth training, civil aviation and the development of a cross-border digital currency. As per the article submitted, 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 project that noticed collaboration of the two parties will also research the effect of a central currency on financial policies. The new initiative, according to Emirate News Agency reports is expected to create standards for technology, protect customer interest and consider the cybersecurity risks while determining the impact of central currencies on monetary policies.

Last year in the month of December, another report was reported by Cointelegraph where it was revealed that the United Arab Emirates’ central bank has collaborated with the Saudi Arabian Monetary Authority to issue a cryptocurrency that will be accepted while doing cross-border transactions between the two countries.

In the same month, Cointelegraph reported of UAE which was continuously looking to join the list of leading destinations for blockchain-related businesses in 2019 as per the new crypto legislation.