The United Arab Emirates and Saudi Arabia join forces for Strategy of Resolve

The United Arab Emirates (UAE) and Saudi Arabia have announced their plans to join forces on the creation of a cryptocurrency.

The reports follow a meeting held by the Executive Committee of the Saudi-Emirati Coordination Council in UAE capital Abu Dhabi, with 16 members in total from both countries, in order to discuss the join initiatives within the Strategy of Resolve.

The Strategy of Resolve is comprised of seven initiatives, including civil aviation, financial awareness, youth training, and the development of a cross-border digital currency and plans to boost government initiatives to bring cryptocurrencies into the mainstream. The initiative  seeks to protect customer interest, create standards for technology, and consider the cybersecurity risks while determining the impact of central currencies on monetary policies.

The announcement states that cryptocurrency “will be strictly targeted for banks at an experimental phase with the aim of better understanding the implications of blockchain technology and facilitating cross-border payments.”

The joint cryptocurrency project will also research the effect of a central currency on financial policies, with the UAE government hoping to make the region a top destination of blockchain business over the coming years.