- The United Arab Emirates Central Bank (UAECB) and the Saudi Arabian Monetary Authority (Sama) have issued a joint statement to launch the common digital currency project ‘Aber’.
- Aber will be used in financial settlements between the two countries through Blockchains and Distributed Ledgers technologies.
- The project will be launched on pilot basis to study the impact of modern technologies on the improvement and reduction of remittance costs and the assessments of risks and how to deal with them.
- It will also establish an additional means for the central financial transfer systems of the two countries and enable banks to directly deal with each other in conducting financial remittances.
- Initially, the use of the currency will be restricted to a limited number of banks in each state with concentration on technical aspects.
