Saudi Arabia Government launching their own cryptocurrency similar to Ripple

omonuyak

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Quote from: blockmanity on January 22, 2019, 12:12:22 AM

UAE and Saudi Arabia are all set to be the new crypto-hub in the middle east by launching their own Saudi-Emirati Pilot cryptocurrency. The Saudi-Emirati cryptocurrency is one of the seven initiatives that will be implemented by both countries. The use of the newly formed cryptocurrency is for Cross Border payments.

https://blockmanity.com/news/saudi-arabia-and-uae-launches-a-separate-cryptocurrency-for-banks-to-facilitate-cross-border-payments/

I no it is going to be like this and that is advancements of blockchain technology. We are hoping that in future we should be able to see more countries coming up with there own system and technology and that will faceout other coins.

Ciscopro2000

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Very positive news. Looks like the Saudis are exploring ways to expand their economy in addition to their oil.

maksimukr1989

full member

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Quote from: 100bitcoin on January 23, 2019, 10:18:56 AM

Will they sell petroleum against their own crypto?

What are they going to sell when the oil runs out?Anyway, that's good news.I look forward to the appearance of this cryptocurrency.We'll keep a close eye on her.Maybe if all implemented in full, this cryptocurrency by market capitalization bypass the Ripple.

mayo2u

member

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Quote from: BestSSS on January 27, 2019, 10:28:51 AM

Saudi Arabia is one of the richest countries in the world, so the idea of creating your own cryptocurrency for banking operations is a great idea.

I think Saudi Arabia is in deep trouble. The future is going away from oil. Solar and Wind Power are growing at exponential rate. Adding to that the US is becoming energy independent (fracking).

Saudi Arabia is running at deficit spending. The scuttlebutt a few years ago was that SA needed $100+ / gallon oil prices in order to run a budge surplus. Since then SA has been in a very costly war in Yemen.

They're bleeding funds, selling assets. SA may be wealthy, but as with China, they're heading for difficult times.

Mpamaegbu

legendary

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Once a man, twice a child!

Though I don't know how credible this news item is I would like to acknowledge iys should be a positive to the crypto community. That is, if it isn't goin to be another Venezuelan Pedro on the loose.

KingScorpio

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Quote from: Lucusfoundation on January 30, 2019, 12:40:55 AM

Quote from: KingScorpio on January 27, 2019, 09:14:51 PM

Quote from: Lucusfoundation on January 24, 2019, 08:05:13 PM

Positive news indeed for the industry!

It'll be a process, but eventually, almost every country in the world will count with these!

Let's wait until you can do EUR transactions with Crypto EUR within the EU!

i doubt the EU and its Banking cartel will survive crypto whats the point of crypto, when you still have the EU banking cartel and its huge costs

We believe its a generational transition. Young people will want more efficient and effective technologies/frameworks. Eventually, the problem you're mentioning will be solved.

everyone can create a cryptocurrency that is cheap and efficient to transact. thats nothing special, the question is who can find enough people to make it universally used.

Lucusfoundation

copper member

Activity: 87

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Quote from: KingScorpio on January 27, 2019, 09:14:51 PM

Quote from: Lucusfoundation on January 24, 2019, 08:05:13 PM

Positive news indeed for the industry!

It'll be a process, but eventually, almost every country in the world will count with these!

Let's wait until you can do EUR transactions with Crypto EUR within the EU!

i doubt the EU and its Banking cartel will survive crypto whats the point of crypto, when you still have the EU banking cartel and its huge costs

We believe its a generational transition. Young people will want more efficient and effective technologies/frameworks. Eventually, the problem you're mentioning will be solved.

Max07

newbie

Activity: 43

Merit: 0

If true, then a lot of money will come to the market, and this is always positive news. In the Middle East, they do not save money and this can be an injection for the recovery of the cryptocurrency market. Wink

KingScorpio

sr. member

Activity: 1470

Merit: 325

Quote from: Lucusfoundation on January 24, 2019, 08:05:13 PM

Positive news indeed for the industry!

It'll be a process, but eventually, almost every country in the world will count with these!

Let's wait until you can do EUR transactions with Crypto EUR within the EU!

i doubt the EU and its Banking cartel will survive crypto whats the point of crypto, when you still have the EU banking cartel and its huge costs

BestSSS

jr. member

Activity: 434

Merit: 4

Quote from: blockmanity on January 22, 2019, 12:12:22 AM

UAE and Saudi Arabia are all set to be the new crypto-hub in the middle east by launching their own Saudi-Emirati Pilot cryptocurrency. The Saudi-Emirati cryptocurrency is one of the seven initiatives that will be implemented by both countries. The use of the newly formed cryptocurrency is for Cross Border payments.

Saudi Arabia is one of the richest countries in the world, so the idea of creating your own cryptocurrency for banking operations is a great idea.
Now the market is at the stage of falling, but even in this case, the value of the UAE cryptocurrency is potentially very high..
Do you have any idea how the price can grow if at least part of the oil sold in the country is paid by the new cryptocurrency of the UAE?? I think it has a future and great potential!!

Jating

hero member

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Quote from: encycrypto on January 23, 2019, 10:18:24 AM

Quote from: blockmanity on January 22, 2019, 12:12:22 AM

UAE and Saudi Arabia are all set to be the new crypto-hub in the middle east by launching their own Saudi-Emirati Pilot cryptocurrency. The Saudi-Emirati cryptocurrency is one of the seven initiatives that will be implemented by both countries. The use of the newly formed cryptocurrency is for Cross Border payments.

https://blockmanity.com/news/saudi-arabia-and-uae-launches-a-separate-cryptocurrency-for-banks-to-facilitate-cross-border-payments/

Honestly, I'd not trust such a source. Any similar update article on Coindesk or some other trustable source?

Correct, we really need to learn to read between the lines as a lot of crypto related websites will just post anything about crypto without any verification, all they wanted is for people to click it for ad revenues.

So I didn't read the news but for me, it doesn't make sense for a country to create their own crypto backup currency, I mean what would be the advantage for them? To put (high) taxes? What countries should do is to regulate and adopt crypto or even take advantage of Blockchain technology.

Lucusfoundation

copper member

Activity: 87

Merit: 2

Positive news indeed for the industry!

It'll be a process, but eventually, almost every country in the world will count with these!

Let's wait until you can do EUR transactions with Crypto EUR within the EU!

100bitcoin

sr. member

Activity: 860

Merit: 423

Will they sell petroleum against their own crypto?

encycrypto

member

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Merit: 53

Quote from: blockmanity on January 22, 2019, 12:12:22 AM

UAE and Saudi Arabia are all set to be the new crypto-hub in the middle east by launching their own Saudi-Emirati Pilot cryptocurrency. The Saudi-Emirati cryptocurrency is one of the seven initiatives that will be implemented by both countries. The use of the newly formed cryptocurrency is for Cross Border payments.

https://blockmanity.com/news/saudi-arabia-and-uae-launches-a-separate-cryptocurrency-for-banks-to-facilitate-cross-border-payments/

Honestly, I'd not trust such a source. Any similar update article on Coindesk or some other trustable source?

Spendulus

legendary

Activity: 2926

Merit: 1386

Quote from: blockmanity on January 23, 2019, 12:22:49 AM

Quote from: DAVETUN on January 22, 2019, 06:14:47 PM

The cryptocurrency space is evolving positively, this is sure a positive news for the community, no matter how long it takes the world will embrace the CRYPTO platform, confirm from cointelegraph website
https://cointelegraph.com/news/united-arab-emirates-and-saudi-arabia-collaborate-on-new-cryptocurrency
This will have a positive impact in the space and have an influence on the market trend.

But isn't a government controlled cryptocurrencies totally different what cryptocurrencies are meant to be?

Any procedural algorithm that can be written down can be implemented.

Obviously that includes crypto curries that are the exact opposite of what in your belief they are "meant to be."

blockmanity

jr. member

Activity: 36

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Quote from: DAVETUN on January 22, 2019, 06:14:47 PM

The cryptocurrency space is evolving positively, this is sure a positive news for the community, no matter how long it takes the world will embrace the CRYPTO platform, confirm from cointelegraph website
https://cointelegraph.com/news/united-arab-emirates-and-saudi-arabia-collaborate-on-new-cryptocurrency
This will have a positive impact in the space and have an influence on the market trend.

But isn't a government controlled cryptocurrencies totally different what cryptocurrencies are meant to be?

DAVETUN

full member

Activity: 728

Merit: 101

Bitcoin is the currency of this age

The cryptocurrency space is evolving positively, this is sure a positive news for the community, no matter how long it takes the world will embrace the CRYPTO platform, confirm from cointelegraph website
https://cointelegraph.com/news/united-arab-emirates-and-saudi-arabia-collaborate-on-new-cryptocurrency
This will have a positive impact in the space and have an influence on the market trend.

blockmanity

jr. member

Activity: 36

Merit: 3

UAE and Saudi Arabia are all set to be the new crypto-hub in the middle east by launching their own Saudi-Emirati Pilot cryptocurrency. The Saudi-Emirati cryptocurrency is one of the seven initiatives that will be implemented by both countries. The use of the newly formed cryptocurrency is for Cross Border payments.

https://blockmanity.com/news/saudi-arabia-and-uae-launches-a-separate-cryptocurrency-for-banks-to-facilitate-cross-border-payments/

Topic: Saudi Arabia Government launching their own cryptocurrency similar to Ripple (Read 234 times)