In 2018, we witnessed multiple countries issuing their own cryptocurrencies. While not all rollouts are successful implementations, it has done little to discourage nations. Even though Venezuela’s Petro is a failure, it hasn’t stopped countries like Saudi Arabia to consider cryptocurrencies.

Recently, it was announced that Saudi Arabia will be launching its own cryptocurrency by mid-2019. The currency will be backed by the Saudi central bank. Even though there isn’t much time left in the rollout, the group behind this project is still inspecting the potential impact of such a currency.

Even though Bitcoin has observed extreme market volatility, it hasn’t stopped the cryptocurrency from garnering worldwide attention. Digital cash has received favorable opinions from consumers and corporations alike. Various governments and central banks have identified the market demand and are looking for ways to fulfill the same. Creating a native currency in one way to serve the market.

The currency being developed in Saudi Arabia is a venture with the United Arab Emirates. The details about this currency are extremely limited at this time. There isn’t even an official name for it until now. The Saudi Arabian Monetary Authority is investigating the feasibility of this currency. Although this can transform the financial landscape of the country, it does carry potential risks as well.

The new currency is expected to launch by mid-2019 and it is likely to be supported by a small number of banks. Saudi Arabia is looking to improve cross-border payments.