Saudi Arabia will be launching its own digital currency next year

The list of national digital currencies grows…

Joining the gradually expanding list of countries planning to introduce their own native crypto, Saudi Arabia has recently announced that it will be releasing its own digital currency next year.

The cryptocurrency was announced to have reached its design phase last Monday, and follows the country’s recent partnership with United Arab Emirates. Right now, it’s being evaluated by the Saudi Arabian Monetary Authority, as reported by FX Street.

If all goes accordingly, the crypto is due to launch in 2019, though it’s unknown what name the token name is likely to take.

Multiple countries seem to be warming up to the idea of implementing their own digital cryptocurreny. Venezuela’s Petro currency is currently being backed by the nation’s oil and gas reserves, and Japan, Tunisia and Sweden are following suit with their respective J-Coin, eDinar and E-krona.

The Central Bank of Iran also announced the finalisation of its own crypto, following the renewal of US Sanctions against the country on November 5.

Others, on the other hand, are less enthused by the concept of a national digital currency. Alim Guliyev, first Chairman of the Central Bank of Azerbaijan announced last week that the country has no current plan to create its own cryptocurrency, due to concerns with the “great risks” that can accompany crypto dealing.