Saudi Arabia, UAE Aim to Cut Payments Costs With Common Digital Currency
Saudi Arabia and the United Arab Emirates are hoping a shared digital currency can cut remittance costs between the two countries.
Energy experts say incumbents are complacent about the dominance of the U.S. dollar in oil markets while China and Russia may try to force change.
“I don’t think any asset is safe right now – except cash, U.S. dollars.”
Bitcoin fell 40 percent this week from coronavirus shocks, but it's still seen as a safe haven in the Middle East.
Oil-giant subsidiary Saudi Aramco Energy Ventures has made a $5 million investment in Vakt, a commodities post-trade processing platform built with blockchain tech.
The Ethereum Foundation and ConsenSys are both working to bring blockchain technology to the Middle East.