UAE and Saudi Arabia complete tests of Aber digital currency, confirming its effectiveness

The central banks of the United Arab Emirates and Saudi Arabia report that the pilot launch of the joint digital currency confirms the high potential of the technology to improve payment systems.

According to the published report, following the results of the year of testing of the Aber project both countries concluded that the concept is viable and could significantly improve the efficiency of interbank settlements domestically and internationally.

The new system was tested with the participation of commercial banks, which noted its high performance, security and confidentiality. In addition to the technical side, in the document, the researchers also considered some mechanisms for closing settlements and the operation of the blockchain, possible legal and political problems, as well as operational risks..

Central banks plan to continue experimenting with digital currencies to explore fiat-backed CBDC concept and asset tokenization tools.

UAE and Saudi Arabia complete tests of Aber digital currency, confirming its effectiveness

text: Ivan Malichenko, photo: WAM

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