UAE and Saudi Arabia Form Partnership for Cryptocurrency-based Payment Pilot

Night photo of dubai creek

The central banks of the United Arab Emirates and Saudi Arabia are launching a pilot to use  cryptocurrency to facilitate cross-border payments between the two countries.

While the two governments have not issued an official statement unveiling the pilot, there has been plenty of coverage on the matter by local news organizations.

The UAE has been quite active in seeking partnerships with neighboring countries for cross-border payments.

Just last week, Dubai, the UAE’s largest city, signed two new agreements with Hong Kong’s regulators to collaborate on fintech innovation.

Read more at CoinBase, The National and Gulf Digital News.

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