Mubasher: The UAE and Saudi Arabia are working together to issue a digital currency that would be accepted in cross-border transactions between the two countries, Said the governor of the Emirati central bank, Mubarak Al Mansouri.

The digital currency would be based on blockchain, Al Mansouri said a speech to a regional financial conference, as cited by Reuters.

The UAE-Saudi digital currency would be used among banks, not by individual consumers, and would make transactions more efficient, Al Mansouri told reporters.