Bitcoin Forum

UAE and Saudi Arabia are all set to be the new crypto-hub in the middle east by launching their own Saudi-Emirati Pilot cryptocurrency. The Saudi-Emirati cryptocurrency is one of the seven initiatives that will be implemented by both countries. The use of the newly formed cryptocurrency is for Cross Border payments.

https://blockmanity.com/news/saudi-arabia-and-uae-launches-a-separate-cryptocurrency-for-banks-to-facilitate-cross-border-payments/

The cryptocurrency space is evolving positively, this is sure a positive news for the community, no matter how long it takes the world will embrace the CRYPTO platform, confirm from cointelegraph website
https://cointelegraph.com/news/united-arab-emirates-and-saudi-arabia-collaborate-on-new-cryptocurrency
This will have a positive impact in the space and have an influence on the market trend.

But isn't a government controlled cryptocurrencies totally different what cryptocurrencies are meant to be?

Any procedural algorithm that can be written down can be implemented.

Obviously that includes crypto curries that are the exact opposite of what in your belief they are "meant to be."

Honestly, I'd not trust such a source. Any similar update article on Coindesk or some other trustable source?

Will they sell petroleum against their own crypto?

Positive news indeed for the industry!

It'll be a process, but eventually, almost every country in the world will count with these!

Let's wait until you can do EUR transactions with Crypto EUR within the EU!

Correct, we really need to learn to read between the lines as a lot of crypto related websites will just post anything about crypto without any verification, all they wanted is for people to click it for ad revenues.

So I didn't read the news but for me, it doesn't make sense for a country to create their own crypto backup currency, I mean what would be the advantage for them? To put (high) taxes? What countries should do is to regulate and adopt crypto or even take advantage of Blockchain technology.

Saudi Arabia is one of the richest countries in the world, so the idea of creating your own cryptocurrency for banking operations is a great idea.
Now the market is at the stage of falling, but even in this case, the value of the UAE cryptocurrency is potentially very high..
Do you have any idea how the price can grow if at least part of the oil sold in the country is paid by the new cryptocurrency of the UAE?? I think it has a future and great potential!!

i doubt the EU and its Banking cartel will survive crypto whats the point of crypto, when you still have the EU banking cartel and its huge costs

If true, then a lot of money will come to the market, and this is always positive news. In the Middle East, they do not save money and this can be an injection for the recovery of the cryptocurrency market. ;)

We believe its a generational transition. Young people will want more efficient and effective technologies/frameworks. Eventually, the problem you're mentioning will be solved.

everyone can create a cryptocurrency that is cheap and efficient to transact. thats nothing special, the question is who can find enough people to make it universally used.

Though I don't know how credible this news item is I would like to acknowledge iys should be a positive to the crypto community. That is, if it isn't goin to be another Venezuelan Pedro on the loose.

I think Saudi Arabia is in deep trouble. The future is going away from oil.  Solar and Wind Power are growing at exponential rate. Adding to that the US is becoming energy independent  (fracking).

Saudi Arabia is running at deficit spending. The scuttlebutt a few years ago was that SA needed $100+ / gallon oil prices in order to run a budge surplus. Since then SA has been in a very costly war in Yemen.

They're bleeding funds, selling assets. SA may be wealthy, but as with China, they're heading for difficult times.

What are they going to sell when the oil runs out?Anyway, that's good news.I look forward to the appearance of this cryptocurrency.We'll keep a close eye on her.Maybe if all implemented in full, this cryptocurrency by market capitalization bypass the Ripple.

Very positive news.  Looks like the Saudis are exploring ways to expand their economy in addition to their oil. 

I no it is going to be like this and that is advancements of blockchain technology.  We are hoping that in future we should be able to see more countries coming up with there own system and technology and that will faceout other coins.