Saudi Arabia and the United Arab Emirates (UAE) have launched a common digital currency during the first meeting of the Saudi-Saudi coordinating council on Saturday in Abu Dhabi, the official WAM news agency reported.
This digital currency will be limited to banks in their early stages, so that governments have a better understanding of how cross-border technology works.
The currency uses a distributed database between central banks and participating banks from both sides and aims to protect the interests of customers, develop technology standards and assess cybersecurity risk. The new program will also help to assess the effects of currencies on monetary policies.
During the meeting, the representatives of Saudi Arabia and the United Arab Emirates also signed a joint serial security cooperation program, which tests the capabilities of the two countries to provide vital supplies in times of crisis and national emergencies, as well as the exchange of experience and knowledge in this area.
All 16 members of the Executive Committee of the Council continued to implement the initiatives mentioned in the Strategy for Resolution.
Representatives also developed five other initiatives to enhance cooperation between the two countries, such as facilitating port traffic, improving airports to facilitate the travel of persons with disabilities, establishing a financial awareness program for children aged 7-18, a common platform to support local SMEs, Civil society.
The committee was chaired by Mohammed bin Abdullah Al Gergawi, Minister of Cabinet Affairs and the future of the UAE, and Mohammed bin Mazid Al Tuwaijri, Minister of Economy and Planning in Saudi Arabia. The Committee will also monitor the implementation of the initiatives.