A common digital currency called “Aber” has been launched by the Central banks of the UAE and Saudi Arabia. It will be useful in financial settlements between the two countries through Blockchains and Distributed Ledgers technologies.

the Saudi Arabian Monetary Authority (SAMA) and the United Arab Emirates Central Bank (UAECB) both are examining the impact of this digital currency on the improvement and reduction of remittance costs and the assessments of risks.

the UAE central bank said in a statement said that “It will establish an additional means for the central financial transfer systems of the two countries and enable banks to directly deal with each other in conducting financial remittances.”

“The use of the currency will be restricted to a limited number of banks in each state. In case that no technical obstacles are encountered, economic and legal requirements for future uses will be considered,” they added.

On Saturday, the strategy was declared by the executive committee after doing its first meeting in Abu Dhabi.


Related Articles
Next Story
Going Viral
UAE Joins International Maritime Security Construct, A US-Led Coalition

UAE Joins International Maritime Security Construct, A US-Led Coalition

by Susmita September 19, 2019
On Thursday, the United Arab Emirates declared that it has joined International Maritime Security Construct, an international alliance that aims to protect the safety of maritime navigation and international trade. The Director of the International Security Cooperation Department at the Ministry of Foreign Affairs and International Cooperation, Salem Mohammed Al Zaabi said that the UAE’s joining to the alliance comes in support of regional and international efforts to deter threats...