Central Banks in the UAE and Saudi Arabia Evaluate Feasibility of a Shared Digital Currency

The Central Bank of the United Arab Emirates (CBUAE) and the Saudi Central Bank (SAMA) have released a joint statement to mark the launch of the ‘Aber Project’, a combined initiative to develop a blockchain-based digital currency.

According to the statement, the project seeks to look into the feasibility of issuing digital currency for use between the two banks with the aim of creating a cross-border payment system that will reduce costs and transfer time between banks in both the Gulf states.

CBUAE and SAMA have plans to develop a distributed ledger technology, which can be used to manage digital currencies between the two central banks, as well as amongst banks partic...