UAE, Saudi working on Blockchain-based payment settlement

|By Arabian Post Staff| The Central Bank of the UAE confirmed that its working with the Saudi Arabian Monetary Authority (SAMA) on a joint project which constitutes a Proof-of-Concept (PoC) for experimenting with Blockchain technology to facilitate cross-border payments between the two countries.

The PoC is still at an early stage and will help CBUAE gain a deeper understanding of the feasibility of distributed ledger technology in this field and explore the potential opportunities and benefits of a digital currency.

The UAE central bank and SAMA have selected a tech company to support the implementation of this PoC, which is expected to be completed in the last quarter of 2019. The project started with initial knowledge transfer sessions, and is currently in the phase of business and technical requirements gathering.

Once completed, the outcome of this PoC will determine whether a digital currency could be introduced in normal market operations between the two countries.

Also published on Medium.

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