Saudi Arabia Plans to Launch Own Crypto in 2019

[Danish shaikh]

In 2018, we witnessed multiple countries issuing their own cryptocurrencies. While not all rollouts are successful implementations, it has done little to discourage nations. Even though Venezuela’s Petro is a failure, it hasn’t stopped countries like Saudi Arabia to consider cryptocurrencies.

Recently, it was announced that Saudi Arabia will be launching its own cryptocurrency by mid-2019. The currency will be backed by the Saudi central bank. Even though there isn’t much time left in the rollout, the group behind this project is still inspecting the potential impact of such a currency.

Even though Bitcoin has observed extreme market volatility, it hasn’t stopped the cryptocurrency from garnering worldwide attention. Digital cash has received favorable opinions from consumers and corporations alike. Various governments and central banks have identified the market demand and are looking for ways to fulfill the same. Creating a native currency in one way to serve the market.

The currency being developed in Saudi Arabia is a venture with the United Arab Emirates. The details about this currency are extremely limited at this time. There isn’t even an official name for it until now. The Saudi Arabian Monetary Authority is investigating the feasibility of this currency. Although this can transform the financial landscape of the country, it does carry potential risks as well.

The new currency is expected to launch by mid-2019 and it is likely to be supported by a small number of banks. Saudi Arabia is looking to improve cross-border payments.

[cryptohunter]

There is no such thing as your own decentralised trusteless crypto

These centralised attempts I think will fail hard.

Bitcoin is the true global currency the first to wise up and get on board will be the countries that benefit the most.

"When the winds of change blow...."

[CreamIce]

Governments and Banks together? Sounds like a desperate attempt to control the new tech. Its like you agree that its the future but take away the most fundamental aspect to it, freedom.

[encester]

There is no such thing as your own decentralised trusteless crypto

These centralised attempts I think will fail hard.

Bitcoin is the true global currency the first to wise up and get on board will be the countries that benefit the most.

"When the winds of change blow...."

I think the same too. Countries having their own cryptocurrency is like money we have now in different countries which doesn't makes sense to a digital currency.
However, I do think that alternative cryptocurrencies may exist if it is going to be used for different purposes or applications.

[mahilchii]

In 2018, we witnessed multiple countries issuing their own cryptocurrencies. While not all rollouts are successful implementations, it has done little to discourage nations. Even though Venezuela’s Petro is a failure, it hasn’t stopped countries like Saudi Arabia to consider cryptocurrencies.

Recently, it was announced that Saudi Arabia will be launching its own cryptocurrency by mid-2019. The currency will be backed by the Saudi central bank. Even though there isn’t much time left in the rollout, the group behind this project is still inspecting the potential impact of such a currency.

Even though Bitcoin has observed extreme market volatility, it hasn’t stopped the cryptocurrency from garnering worldwide attention. Digital cash has received favorable opinions from consumers and corporations alike. Various governments and central banks have identified the market demand and are looking for ways to fulfill the same. Creating a native currency in one way to serve the market.

The currency being developed in Saudi Arabia is a venture with the United Arab Emirates. The details about this currency are extremely limited at this time. There isn’t even an official name for it until now. The Saudi Arabian Monetary Authority is investigating the feasibility of this currency. Although this can transform the financial landscape of the country, it does carry potential risks as well.

The new currency is expected to launch by mid-2019 and it is likely to be supported by a small number of banks. Saudi Arabia is looking to improve cross-border payments.

This really sounds great, as Arab countries are involving in this wonderful blockchain technology. Also do you have any source link for this?

You are right crypto is crossing borders and if this plan succeeds I am sure the demand will increase and price will soar up.

[joelsamuya]

In 2018, we witnessed multiple countries issuing their own cryptocurrencies. While not all rollouts are successful implementations, it has done little to discourage nations. Even though Venezuela’s Petro is a failure, it hasn’t stopped countries like Saudi Arabia to consider cryptocurrencies.

Recently, it was announced that Saudi Arabia will be launching its own cryptocurrency by mid-2019. The currency will be backed by the Saudi central bank. Even though there isn’t much time left in the rollout, the group behind this project is still inspecting the potential impact of such a currency.

Even though Bitcoin has observed extreme market volatility, it hasn’t stopped the cryptocurrency from garnering worldwide attention. Digital cash has received favorable opinions from consumers and corporations alike. Various governments and central banks have identified the market demand and are looking for ways to fulfill the same. Creating a native currency in one way to serve the market.

The currency being developed in Saudi Arabia is a venture with the United Arab Emirates. The details about this currency are extremely limited at this time. There isn’t even an official name for it until now. The Saudi Arabian Monetary Authority is investigating the feasibility of this currency. Although this can transform the financial landscape of the country, it does carry potential risks as well.

The new currency is expected to launch by mid-2019 and it is likely to be supported by a small number of banks. Saudi Arabia is looking to improve cross-border payments.

Good to know that some governments would like to adapt tokenization or anything, but ive read last few months in an article stating that saudi arabia bans the bitcoin, and now they will be issuing a new coin? sounds interesting to know!!!

[jardine]

Is Dubaicoin (DBIX) not be trying reach the same goal and become Saudi Arabia official crypto?

https://bitcointalk.org/index.php?topic=1811194.0

[Igor.J]

Interestingly, everyone remembers Venezuela or Russia, as well as some other countries. It ended, unfortunately, as it began, with practically nothing. I think there is a similar situation here. It’s not enough just to accept a coin, you need to make it a real tool for solving a problem, and this is unrealistic until you change all the technology.

[Ivanmikronov]

I am very glad to hear it. No matter it will success or history will repeat I Peter, for the development of the crypto market need such projects. Can you imagine such a rich country with huge opportunities will come on the market, this is not just another millionaire with bitcoin, it's something else. I believe that in the future many countries will follow Saudi Arabia.

[bigcash2011]

It is good to know that world is moving towards crypto especially UAE, we were hearing very positive news constantly from Dubai but its surprising to see Saudi Arabia now getting on board but only query i have is that why they want to develop their own coin i mean they should encourage the use of already established coins like btc, eth etc, the only justification i see in creating their own coin is that they want to make money and control their coin.

[futurefuturecoins]

Another good news from the Middle East) I want to support the forum member who created this topic. It is necessary to create as much and wider a news background that will help activate investors, especially large investors, to make decisions to invest in altcoins and tokens.

[daniel_icotrender]

Will it also be Shariah compatible like ADAB coin? 

https://ico.coincheckup.com/adab-solutions/

[MULTIK888]

Saudi Arabia is the richest country in the world and the movement towards improving technology is a natural step! But if Saudi Arabia plans to create its own cryptocurrency to make cross-border payments, I do not understand why?
Yes, now, or rather last year it was fashionable and profitable to make your ICO, but today it is 90 cases doomed to failure. Why create something if there are already ready-made currencies for this purpose such as XRP and Stellar? They work perfectly and payments with their help have been made more than once.. so why...?

[cabron]

Governments and Banks together? Sounds like a desperate attempt to control the new tech. Its like you agree that its the future but take away the most fundamental aspect to it, freedom.

More like if you can't beat them join them technique. So their banks isn't using XRP but they are going to compete XRP, thats sweet.
Now that is going to rival XRP in the Arab area but this may happen in mid of 2019, I would assume that by mid 2019 the price is more stable and higher chance of bullrun. I took months but I guess the wait will still worth.

[none of us]

of course, many countries will start their own cryptocurrency, not just saudi arabia. i think by the governments of the countries try to continue to retain control over its own currency.

[clickerz]

After Venezuela launching their own digital coin peg to petroleum price here comes Saudi Arabia. This is a welcome news and hoping that other countries will follow. It is good to hear that a  project is back by a government, which means this is a serious project.This will hasten global transaction  with transparency.

[Baofeng]

After Venezuela launching their own digital coin peg to petroleum price here comes Saudi Arabia. This is a welcome news and hoping that other countries will follow. It is good to hear that a  project is back by a government, which means this is a serious project.This will hasten global transaction  with transparency.

Did you understand that this is a government backed crypto? How can this hasten global transaction? And isn't it Venezuela's Petro is a total failure as well? There are no investors and Maduro's is totally not to be trusted with all the numbers his pulling off his ass?

And I haven't heard or seen any crpyto backed by government being successful. Why? Because its centralized and is heavily taxed like Russia's Rubble, and if I'm not mistaken its around 20%-30% tax. So how will people gonna invest on that kind of security or commodity?

[CryptoGuro1]

Saudi Arabia might very well launch their own crypto and others may follow. However, It will take years for any real use on a mass level to occur in any country. Will be interesting to follow how they work

[ned.ryerson]

not surprising news at all. I think that by the 2020 year many countries will already have their own cryptocurrency.

[AlyattesLydia]

In 2018, we witnessed multiple countries issuing their own cryptocurrencies. While not all rollouts are successful implementations, it has done little to discourage nations. Even though Venezuela’s Petro is a failure, it hasn’t stopped countries like Saudi Arabia to consider cryptocurrencies.

Recently, it was announced that Saudi Arabia will be launching its own cryptocurrency by mid-2019. The currency will be backed by the Saudi central bank. Even though there isn’t much time left in the rollout, the group behind this project is still inspecting the potential impact of such a currency.

Even though Bitcoin has observed extreme market volatility, it hasn’t stopped the cryptocurrency from garnering worldwide attention. Digital cash has received favorable opinions from consumers and corporations alike. Various governments and central banks have identified the market demand and are looking for ways to fulfill the same. Creating a native currency in one way to serve the market.

The currency being developed in Saudi Arabia is a venture with the United Arab Emirates. The details about this currency are extremely limited at this time. There isn’t even an official name for it until now. The Saudi Arabian Monetary Authority is investigating the feasibility of this currency. Although this can transform the financial landscape of the country, it does carry potential risks as well.

The new currency is expected to launch by mid-2019 and it is likely to be supported by a small number of banks. Saudi Arabia is looking to improve cross-border payments.

I think all countries would have done it until I made it to Saudi Arabia. Of course, it's good news that even they're on the agenda. I just thought it would be nice to have a hot money entry if they could.