The National and Gulf Digital News report that Mubarak Rashid Al-Mansuri, the head of the Central Bank of the UAE, presented the initiative at the meeting of the Arab Monetary Fund (AWF). The meeting does not apply directly to the crypto currency, however, although the financial technologies of the topic as a whole will be discussed among a group of central banks and financial regulators.
Al-Mansuri highly appreciated the efforts to develop block-technologies.
This is the first times [sic] the monetary authorities of two countries cooperation to use blockchain technology. As quoted by The National, al-Mansouri described the project as a "digitisation of what we do already between central banks and banks.
Mubarak Rashid Al-Mansuri
Head, Central Bank of the UAE
Attraction of the central bank of Saudi Arabia is a notable event in view of the fact that the institution has not commented on the technology so far and did not indicate that it is studying potential cases of its use.
On the contrary, the UAE is home to a number of private and public sector initiatives, including the Dubai Global Council for Blockchain. A number of financial institutions have explored the use of technology in recent months, including Emirates NBD, which develops blocking services to check bank checks.