UAE & KSA test blockchain
Priya Wadhwa

UAE & KSA test blockchain

The countries look into its application for cross-border transactions.

A lot of ink has been spilt about blockchain and cryptocurrencies, wouldn’t you agree? However, 90% of all the articles, blogs, and videos have been about one of its aspects: price. Very rarely has there been an insightful article that makes a case for its the use and the potential of blockchain projects. Why is that? Because people are more interested in the price, or that there is not that much to talk about?

The UAE and Saudi Arabia now have given us something to talk about. The UAE Central Bank and the Saudi Arabian Monetary Authority (SAMA) have signed a collaboration to issue a cryptocurrency accepted in cross-border transactions between the two countries. The authorities did make clear, however, that this was just a study to see the potential of the technology, but it seems promising nonetheless. Would you like to know more about the project, and how it will work exactly? Read more here.