ABER

About: 

• This digital currency has been established by the United Arab Emirates Central Bank (UAECB) and the Saudi Arabian Monetary Authority (SAMA). 
  
  
• This digital currency will be used in financial settlements between the two countries through Blockchains and Distributed Ledgers technologies. It is expected to reduce remittance costs between the two countries. 
  
  
• Project details: 
  • The digital currency is backed by fiat currencies of the two nations. The platform would be supported by a legislative and regulatory framework. 
    
    
  • The initial stages of the digital currency project will focus on technical aspects. The use of the currency will be restricted to a limited number of banks in each state. 
    
    
  • After that, economic and legal requirements for future uses will be considered. ‏The project will also enable the possibility of using the system as an additional reserve system for domestic central payments settlement.