Saudi Arabia and the UAE reveal the details of the common digital currency “Aber”
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Answer Saudi Arabia and the UAE reveal the details of the common digital currency “Aber”
The Central Bank of Saudi Arabia and the United Arab Emirates participated in a project aimed at experimenting with the uses of digital currencies, and the details of the “Aber” digital currency were revealed.
Where The Saudi Arabian Monetary Agency (SAMA) announced And the Central Bank of the United Arab Emirates today, Tuesday, that the project aims to facilitate financial settlements between the two countries by making use of blockchain technologies and the use of the “Aber” digital currency.
While the central remittance systems in the two countries have developed significantly, international remittances need improvement, according to the central banks.
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The “Aber” digital currency will test whether the technology is able to reduce the costs of transfers between the two countries, and it will also be considered whether the blockchain system is able to be an additional reserve for local payments within the country.
The statement did not specify an official release date, but the early stages of the “Aber” project will focus on the selection of technical aspects, and the use of the digital currency will be restricted to a limited number of selected banks in each country. If the experiment is technically successful, the economic and legal requirements for future uses will be considered.
This announcement comes more than a year after the project was announced in December 2017, and the two central banks’ intention to experiment with using digital currencies for international payments.
Mubarak Al-Mansoori, then governor of the UAE Central Bank, stated: “This is the first time that the monetary authorities between the two countries cooperate on the use of blockchain technologies.”
It is worth noting that United Arab Emirates It is looking to join the list of leading destinations for blockchain companies in 2019 by creating a new legal framework for the industry.
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In the Kingdom of Saudi Arabia, Customs recently concluded a pilot scheme linking the Fasah electronic platform with IBM’s TradeLens infrastructure.
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