Saudi and the UAE have announced the project as part of a seven point cooperation plan to strengthen the countries' relationship. The Saudi-Emirati virtual coins are strictly meant for cross-border payments between central and local banks, though, and it's unclear if they'll eventually be available for purchase to the public.

The countries' announcement reads:

"The cross-border digital currency will be strictly targeted for banks at an experimental phase with the aim of better understanding the implications of Blockchain technology and facilitating cross-border payments. The virtual currency relies on the use of a distributed database between the central banks and the participating banks from both sides. It seeks to safeguard customer interests, set technology standards and assess cybersecurity risks. The project will also determine the impact of a central currency on monetary policies."

In the future, the list of nations with their own e-currency might grow even longer. After Venezuela announced Petro in 2017, Russia revealed that its central bank plans to talk to Brazil, India, China and the EEU countries about the possibility of creating a cryptocurrency that works across their nations.