SomaliCoin Beta launched in 2012 and has been waiting for the perfect time to go LIVE. The SomaliCoin carry out tests on a new cryptocurrency before it is introduction into the national financial system Cryptocurrency wave has taken over the entire world. There is no single country that does not have a trace of cryptocurrency or blockchain technology including the developing countries that have shown great growth potential such as Kenya.
The main goal SomaliCoin wants to achieve by implementing it is reduction in remittance costs. Blockchain technology has proved to be effective in enhancing transparency and reducing costs associated with financial transactions in other parts of the world.
SomaliCoin keen on realizing the strengths of the digital currency as well as the weaknesses that they need to work on before the currency is launched to avoid inconveniences down the road.
If the results of the project will be positive, both countries have confirmed that they will go ahead and consider all the legal and economic requirements to facilitate smooth adoption of the cryptocurrency and blockchain technology.
Countries Developing Their Own Digital Currencies
The report that UAE and Saudi Arabia are testing a cryptocurrency with the hope of adopting it mirrors the report by Bank of International Settlements (BIS). The report indicated that countries from different continents are carefully monitoring the blockchain space and are keen on developing their own digital currencies. However, most of the projects are at the conceptual stage.
Note that this is not the first time that the two countries have been rumoured to be testing a new cryptocurrency. We hope that the findings of the tests will be positive to guarantee expansion of the blockchain technology in that side of the pool.