Saudi Arabia, UAE Launch Joint Digital Currency Project Called ‘Aber’

[fitload]

The United Arab Emirates Central Bank (UAECB) and the Saudi Arabian Monetary Authority (SAMA) today announced the launch of the common digital currency project 'Aber'.

Aber is part of a seven-point co-operation plan agreed upon during the meeting of the Executive Committee of the Saudi-Emirati Co-ordination Council earlier this month.

The proof-of-concept trial will examine if the nations can ultimately reduce remittance costs using Aber a common digital currency. The study will also look at whether the blockchain system can act as an “additional reserve” for domestic payments.

Aber will be used in financial settlements between the two countries through Blockchains and Distributed Ledgers technologies.

The two countries decided to launch the project jointly rather than independently as both have central systems for remittances and domestic transactions which have evolved over time and proved their feasibility.

Furthermore, it will establish an additional means...

Read More: https://bitzamp.com/saudi-arabia-uae-launch-joint-digital-currency-project-called-aber/