Saudi Arabia set to launch their own cryptocurrency next year
|- Saudi Arabia are looking to bring their own native digital currency to make in 2019.
- Early this year a number of Saudi financial outlets have been linked to Ripple and even testing the technology.
Saudi Arabia has been undergoing development for their own digital currency. This coming after partnership up with the United Arab Emirates. It is currently being reviewed by the Saudi Arabian Monetary Authority.
In terms of time frame, it is anticipated to hit the market by 2019. The willingness to move forward with its own native coin, was perceived as a way to enhance the cross-board payments system across the country.
Worth of note, earlier this year, Ripple were making progress over in the Middle East, Saudi Arabia, being one of the nations. National Commerce Bank in the country are a member of RippleNet. Furthermore, the Saudi Arabian Monetary Authority had even piloted the out a Ripple technology.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.