The United Arab Emirates’ (UAE) central bank is collaborating with the Saudi Arabian Monetary Authority (SAMA) to issue a cryptocurrency accepted in cross-border transactions between the two countries. English-language Dubai-based media outlet GulfNews reported on this collaboration on Dec. 12. Mubarak Rashed Al Mansouri, the governor of the UAE’s central bank, said during a meeting on the global banking standards and regulation for the Arab region that: “This is probably the first time ever that witnesses the cooperation of monetary authorities from different countries on this topic and we hope that this achievement will foster similar collaboration in our region.” …

Saudi Arabian developmental institution the Islamic Development Bank Group (IsDB) has partnered with a Tunisian startup to develop interbank blockchain tools, a press release confirmed Nov. 29. IsDB, which will conduct the project through its private sector subsidiary, the Islamic Corporation for the Development of Private Sector (ICD), wants to improve Islamic financial institutions’ liquidity management and increase overall efficiency. The institution signed an agreement with Tunis-based iFinTech Solutions, a dedicated outfit which describes itself as an “Investment Advisory Firm focused on alternative financial solutions based on Islamic principles.” The impetus behind using blockchain for the initiative lies in the …

A blockchain-based startup which bills itself as “the future of real estate” has announced that its project has been legalized by Japanese regulatory bodies, including the Securities and Exchange Surveillance Commission. Ruden Holdings says inaccurate information, poor record management and inefficient processes are currently blighting the property sector – costing businesses time, money and even credibility. Data cannot be shared easily between organizations – and some cases have seen property owners struggle to prove their ownership of a building. The company has a goal of creating digital identities for real estate properties, helping to enhance the quality and consistency of …

The Saudi British Bank (SABB) has become the first Saudi bank to join enterprise software firm and global banking consortium R3’s blockchain ecosystem, local news outlet Trade Arabia reports today, September 11. SABB enjoys a strong reputation, having reportedly been named by Global Finance magazine as the “Best Trade Finance Bank” in Saudi Arabia for the 10th consecutive year, “Best Supply Chain Finance Bank” in the Middle East for 2018, as well as Saudi’s “2018 Best Trade Finance Bank” for the 2nd year running. The bank joins R3’s efforts to enlist a broad spectrum of partners and members from different …

A governmental committee of the Kingdom of Saudi Arabia has warned the public that trading digital currencies is illegal in the country, according to an August 12 announcement by the Saudi Arabian Monetary Authority (SAMA). The warning was issued by the Standing Committee for Awareness on Dealing in Unauthorized Securities Activities in the Foreign Exchange Markets. The standing committee was established by supreme decree headed by Capital Market Authority (CMA), and contains such ministries as the Ministry of Media, Ministry of Commerce and Investment, SAMA, and the Ministry of Interior. According to the statement, digital currencies are not recognized by …

Iran-based malware that demands a digital ransom in cryptocurrencies is on the rise and will further escalate in the present geopolitical climate, according to a report published by global management consulting firm Accenture on August 7. After two years of analysis, Accenture Security iDefense predicts that emerging trends in the Iranian cyber threat landscape will intensify as the country is forced into a defensive and economically straitened position in the wake of the U.S. exit from the Obama-era Iran nuclear accord this spring. With the US set to imminently to reimpose tough economic sanctions, Accenture has warned that the ransomware …

Riyadh Municipality, Saudi Arabia, has partnered with IBM to jointly develop a strategy to streamline government services and transactions on а blockchain, news outlet ITP.net reported July 11. The move was made in accordance with an authoritative decision of the Government of Saudi Arabia to work on improving the quality of municipal services for customers and integrate leading technologies into services as part of the Saudi Vision 2030 program. The Saudi Vision 2030 program is an agenda for economic development and the diversification of the Saudi economy away from oil, which comprises between 30-40 of the country’s GDP. First introduced …

Arab markets were flooded with new investors in April after an Islamic scholar announced cryptocurrency is halal under Sharia law. The announcement settled contradicting statements issued by several other Islamic experts, but there are still conflicting interpretations of Sharia’s allowance of virtual currencies among Muslim leaders. The mufti’s announcement opened crypto markets to potentially 1.6 billion new customers, but it is certain that Middle Eastern governments will play a central role in the development of the crypto industry in order to ensure individuals and institutions adhere to Sharia law. Sharia law places strict guidelines on economic activity whereby value must …

The government of Saudi Arabia completed a “blockchain bootcamp” last week, the Ministry of Communications and Information Technology (MCIT) announced in a press release April 29. The session was focused on building Ethereum smart contracts and decentralized applications (DApps). The three-day event, which concluded April 26, was held in conjunction with blockchain software technology company ConsenSys, which is currently involved in multiple projects in the Middle East. According to the press release following the bootcamp, Saudi Arabia’s MCIT described the event as part of its plans to create a “digital environment” as part of its 2020 “action plan and objectives.” …

Max Keiser has publicly called arrested Saudi Prince Alwaleed bin Talal a “poster boy for why you should buy Bitcoin.” In an episode of the Keiser Report on Russia Today, the outspoken Keiser said the world’s richest Arab “wouldn’t have the problems” he is currently facing had he bought Bitcoin. Bin Talal is currently under ‘house arrest’ in the Ritz hotel in the Saudi capital Riyadh, where he is reportedly sleeping on an inflatable mattress. Previously, he had said he “doesn’t believe in this Bitcoin thing” and that the virtual currency is “Enron in the making.” Saudi authorities have confiscated …