Six commercial banks of Saudi Arabia and the United Arab Emirates will participate in the issue of a digital currency to conduct financial transactions between the two countries. This is reported by local media citing the Central Bank of the UAE (UAECB).
On the development of a collaborative cryptocurrency UAECB and the Agency of circulation of money of Saudi Arabia (SAMA) announced in December 2018. The project of cryptocurrency Aber should be implemented within 12 months.
The decision on the official release Aber Central Banks will take the results of “proof of concept”. In the course of its implementation, the cryptocurrency will become applicable in financial payments between countries based on blockchain technology.
Recall that the first draft of the translation of the blockchain payments between the two countries was announced at the end of 2017 Chapter UAECB.