As reported by the local news media, the Saudi Arabian Monetary Authority is cooperating with the Central Bank of UAE in order to develop their own blockchain, which will be the basis for the joint digital coin. The new currency will be used for cross-border transactions between these two states. “This is probably the first time ever that witnesses the cooperation of monetary authorities from different countries on this topic and we hope that this achievement will foster similar collaboration in our region,” said an Abu Dhabi official. The cooperation is currently ongoing, no specific dates as to when the development will be finished have not been released so far. The innovations in the financial sector will involve only banks and institutional investors, not the regular customers. We remind you: Ripple Technology Will Soon Be Implemented in the Biggest Bank of Saudi Arabia Subscribe to The Coin Shark news in Facebook: https://www.facebook.com/coinshark/