Saudi and UAE Central Banks joined forces to test crypto

The Central Banks of two countries plan to use cryptocurrency in cross-border payments in the future
14 December 2017   938

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.

DFINITY to Postpone Internet Computer Launch

The project is currently assessing the time frame for the completion of the MVP
14 December 2018   67

The blockchain project Dfinity reported in its blog postponing the launch of its main product.

Previously, Dfinity chief scientist Dominic Williams said that his company intends to create an “Internet computer that will become cloud 3.0”, compete with Google Cloud and Microsoft Azure, and also change the face of the blockchain industry.

According to him, the project team is developing a technology that has 150 higher performance than Ethereum blockchain and 900 times - Bitcoin. In essence, the project creates a “giant Internet computer”, whose work will be supported not by one company, but by all participants of the Dfinity protocol.

Initially, the release of a minimum viable product (MVP) was planned for the first quarter of 2019. However, according to company representatives, working on a trimmed version may slow down progress in creating a complete product.

The project is currently assessing the time frame for the completion of the MVP. Also, noted in Dfinity, before the end of the first quarter a new set of development tools (SDK) will be released, which will shed light on the future plans of the company.

In August, the Dfinity Foundation attracted $ 102 million of investments in the framework of a closed tokensale. Prior to this, at the beginning of the year, the Dfinity Foundation raised $ 61 million from Andreessen Horowitz and Polychain Capital.