Saudi Arabia and the United Arab Emirates have agreed to issue a cryptocurrency on an experimental basis.
The electronic digital currency will be confined to trading between a number of banks of both countries.
The step was announced during the second meeting of the Saudi-UAE Co-ordination Council which was held in the UAE capital, Abu Dhabi.
The session was chaired by Saudi Crown Prime, Deputy Premier and Defence Minister Prince Mohammed bin Salman bin Abdulaziz Al Saud and Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces Shaikh Mohammed bin Zayed Al Nahyan.
The two sides discussed six other strategic initiatives that include a joint visit visa, the facilitation of traffic between ports of entry, joint food security strategy, cyber security, the establishment of the Saudi-Emirati Youth Council, in addition to a mega refinery project with a capacity of 1.2 million barrels daily. The two sides also signed a number of MoUs, Almarsd reported.