The central banks of the UAE and Saudi Arabia have launched a common digital currency called "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.
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