The Saudi Arabian and UAE central banks are launching an initiative to test a new cryptocurrency for making payments across borders.

Reports from The Gulf News and The National indicate that the initiative was unveiled at an AMF (Arab Monetary Fund) meeting by Mubarak Rashid al-Mansouri. Though the meeting’s report did not involve cryptocurrencies, it points to “financial tech topics” that the group of financial regulators and central bankers will discuss.

Al-Mansouri, the governor of the central bank of UAE praised the effort as a pioneer in the region. “Never before have the monetary authorities of our countries cooperated to explore blockchain technology,” said he.

He described the project as “digitization” of already existing relationship.

It is a notable thing that the initiative included the Saudi Arabian central bank since up to today, the institution continues to refuse to comment on the issue.

On the other hand, the UAE may not have directly commented, but they own initiatives such as the Global Blockchain Council in Dubai. Other institutions such as the Emirates NBD have also started using the tech in their systems.