Six banks in the UAE and Saudi Arabia join the Aber cryptocurrency project

Six banks in the UAE and Saudi Arabia join the Aber cryptocurrency project

UAE Central Bank (UAECB) announced that six commercial banks from Saudi Arabia and the United Arab Emirates will participate in a digital currency (Aber) project for cross-border transactions between the two countries.

Initially, the Arabian Central Bank and the Saudi Arabian Monetary Authority (SAMA) announced plans to launch their own digital currency in December 2018. At the end of January, the project was launched, but the development of the interbank cryptocurrency should be fully completed within the next 12 months.

Six banks in the UAE and Saudi Arabia join the Aber cryptocurrency project

The official release of a currency depends on the results of a proof of concept. Despite the participation of six commercial banks, the final decision on the feasibility of the practical application of Aber will be made exclusively by UAECB and SAMA, since it will be used for mutual settlements only between two countries..

At the end of November, the UAE government also announced the launch of a number of national initiatives aimed at introducing blockchain into all areas of government activity..

text: Ivan Malichenko, photo: mofa.gov

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