While so many countries are still not sure about the deployment of cryptocurrency and global technology aka blockchain, there are still some which are adopting this new ecosystem with high enthusiasm. One of them is Saudi Arabia which is willingly stepping into this zone to understand its best potential that can be deployed in their various commercial sectors. The blockchain development has come through an alliance between UAE and Saudi Arabia to facilitate financial operations and banking between them.
The official announcement was done after the successful meeting of Executive Committee of the Saudi-Emirati Coordination Council held at Abu Dhabi. All the concerns were expressed considering policies and development in several domains. This form of the distributed ledger will be used to begin crypto trade in Middle-East by a commonly adopted cryptocurrency for interbank operations.
The 16 members committee from both the countries including the bureaucrats announced the joint initiatives which will come in action right from this year itself. The pilot project of cryptocurrency that will be powered by global technology will strictly remain available for an experimental phase in the banks. This system will help in enhancing the cross-border trade and payments. The entire system will run on a distributed database platform between the participating banks. In addition to this, the blockchain pilot project will also help in determining the impact of digital currency on the current monetary policies as mentioned by the Emirates News Agency.
Saudi Arabia Improves In Global Knowledge Index
According to Arab News, the global knowledge index Saudi Arabia stands at 66th position out of 134 countries. The government, therefore, has begun to focus on various innovative technologies and education parameters which will help in boosting its position on the world map. The introduction of global technology blockchain can make a great improvement as it is new, innovative and still emerging. Its introduction in this early stage will help in its significant development over the years.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]