The Central Bank of the United Arab Emirates (CBUAE) and the Saudi Arabian Monetary Authority (SAMA) have announced more details of their joint digital currency project.
Dubbed “Aber,” the project, which was first announced in December 2017, is aimed at using blockchain technology to create a cryptocurrency that would help facilitate cross-border payments between Saudi Arabia and the UAE.
Mubarak Rashid Al-Mansouri, governor of the Central Bank of the United Arab Emirates (CBUAE), has confirmed that the central bank is working with the Saudi Arabian Monetary Authority (SAMA) to devlop a cross-border digital currency.
Speaking as a keynote guest of Abu Dhabi FinTech Symposium,
The central bank of the United Arab Emirates is reportedly working with the Saudi Arabian Monetary Authority to issue a cryptocurrency for cross-border transactions.
In a speech to a regional financial conference, UAE central bank governor Mubarak Rashed al-Mansouri said the cryptocurrency would be based on blockchain.
