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.

 

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