The central banks of UAE and Saudi Arabia have teamed up to launch the first cross-border payments using a digital currency.
The Saudi Arabia Monetary Authority (SAMA) and the Central Bank of the United Arab Emirates are also jointly developing a proof of concept using distributed ledger technology to make cross-border settlements.
"We hope that the potential success of this initiative will foster similar collaboration in the GCC region and globally," said UAE central bank’s governor Mubarak Rashed al-Mansouri.
According to the governor, the UAE central bank is developing a legislative and regulatory framework to support its fintech industry.
The legislative plans include new crowdfunding rules to ensure investor protection as the various platforms become more popular.
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