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Jan 29, 2019
5:46PM

UAE, Saudi central banks launch common digital currency called 'Aber'

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The central banks of the UAE and Saudi Arabia have launched a common digital currency called "Aber",  which will be used in financial settlements between the two countries through Blockchains and Distributed Ledgers technologies. The UAE central bank said in a statement 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.

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

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