The United Arab Emirates (UAE) and Saudi Arabia announced a collaboration to create a new cryptocurrency, according to the Emirate News Agency.

Representatives of both countries discussed the draft of the joint comprehensive strategy that includes initiatives in such areas as civil aviation, financial literacy of young people and the creation of a digital currency intended for cross-border payments.

“The experimental phase, bitcoin will be strictly focused on banks. It will allow you to better understand the features of blockchain technology, and will also be used for cross-border payments”, — writes the edition.

During the joint project will study the impact of new cryptocurrencies on the financial policies of both countries. Special attention will be paid to the protection of the rights of consumers, the creation of technological standards and the identification of cyber security risks.

ForkLog previously reported that based in UAE the payment company UAE Exchange will create, together with the Ripple system, blockchain payments. Supported banks the system will be oriented towards Asian markets.

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