By Innovation-sa on January 31, 2019 in News
The central banks of Saudi Arabia and the UAE has announced more details about the launch of a common digital currency ,named ‘Aber’, between the two countries.
The new currency will be used for financial settlements between Saudi Arabia and UAE through Blockchains and Distributed Ledger technologies and is expected to lower remittance costs between the two countries.
It will also establish an additional means for the central financial transfer systems of the two neighboring countries and allow banks to directly deal with each other in conducting financial remittances.
The Saudi Arabian Monetary Authority (SAMA) and the UAE Central Bank (UAECB) said in a joint statement that the pilot project plans to concentrate on the technical aspects of Aber, with the use of currency restricted to limited number of banks in each state. If there are no technical obstacles encountered, economic and legal requirements for future uses will be considered, the banks stated.
Khaleej Times – 29 January 2019