Delivering the "Remote" Digital Currency Exchange between the UAE and Saudi Arabia



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In a yesterday's convention, the Arab Emirates United Arab Emirates and Saudi Arabian Money Group (SAMA) stated that the objectives set out in the " "Transient" project to deliver digital money between the United Kingdom and the UAE in financial settlements through chain-chain methods and schedules distributed within a framework; Confirmation of opinion.

It is to be understood and its & # 39; Analyze the measurement and feasibility of new technologies closely by making the request themselves and to know their & impact on operating costs of change and the assessment of technical risks and how they will deal with them, as well as quarterly certificates that will deal with future technologies.

To understand the requirements for a & # 39; distributing digital money between two countries, as well as creating additional means for central constraint systems in both countries, and allow banks to deal directly together to bring out a salary.

The central banks in some countries have begun pilot projects for a number of methods related to registration and registration used in digital currency trading; The Monetary Group and the Central Bank of UAE have the same benefit to try these technologies To learn about and how to benefit them.

The agreement to launch the project instead of to # 39; independently implemented in each country that shows that both countries have central systems to handle local handling and handling over time and has been useful.

Although some aspects of international payment work need to be further developed, it may be established after the inspection that the use of digital money can contribute to this support. The project also allows the system to be used as an additional security system for central systems to settle local payments when the bankruptcy is for any reason.

The statement said that the Saudi Financial Group and the Emirates Emirates Bank want to bring back their pilot projects to benefit everyone locally and internationally, so the desire both countries not only in the use of modern technologies but also in change and development and worldwide application, Digital money and use it beyond limits to pay.

On the agreed system when the "attractive" project between the Financial Authority and the Middle East Bank was implemented, the stress statement emphasized that the early stages of technical issues, and It is limited to a small number of boxes in each country, saying "" Technical barriers are not found, economic issues and legal requirements will be explored for future use. "

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