Will Saudi Arabia have its own cryptocurrency? Reportedly, in mid-2019, the government is to issue stablecoin, which will have the support of the Saudi central bank. Despite the existence of a work schedule, the team for this task is still investigating the topic and impact of cryptocurrency on the country’s economy.
The creation of a national cryptocurrency is the answer to the new trend. Iran and Russia are also working on their own e-currency (the KryptoRubla theme is constantly returning in the media and apparently internal talks in the Kremlin). Venezuela already has its electronic coin, but its Petro raises a lot of controversy.
A similar solution is planned in Saudi Arabia. However, little is known about this idea. We do not know the official name of the coina or technological details. The Saudi Monetary Authority is also still investigating the impact of cryptocurrencies on the market.
Despite this, the new currency is expected to appear on the market in mid-2019. It will be reportedly supported by a limited number of banks (again, no names are known). Goal? The central bank of Saudi Arabia wants to improve the quality of cross-border payments. We are talking here about international use. This is something that can benefit both consumers and corporations.
Saudi Arabia and Ripple
So far, Saudi Arabia has probably considered using Ripple for its purposes. The National Bank of Commerce is a member of the RippleNet, and the Saudi Foreign Currency Organization carried out a pilot program oriented towards the Ripple XRP token this year. Now, as you can see, it was decided to redirect interest to your own cryptocurrency.