Saudi Arabian-UAE joint cryptocurrency project goes to trial

Posted 29 January, 2019

Saudi Arabia and the UAE are reportedly working on the project that is planned to make blockchain-based transactions between these two countries easier.

According to the official report, the Saudi Arabian Monetary Authority (SAMA) and the United Arab Emirates Central Bank (UAECB) announced a trial launch of a new digital currency on January 29. The project called Aber will be based on Proof of Concept framework.

It was noted in the statement that some central banks have already started exploring possible applications of DLT and blockchain technology to the cryptos. The countries' authorities have agreed on the cooperation sharing "the same desire to launch pilot projects in the use of these technologies to identify them and learn how to benefit from them". Both parties agreed that the remittance systems of the countries substantially developed up to date, while cross-border payments require modernization and further improvement.

A trial is expected to show if the countries are able to cut remittance costs and the blockchain technology can serve as an additional tool for in-house payments.

"The two countries do not only aspire to be the forerunners in the application of modern technologies, but also in their adaptation, development and delivery to the world,” the SAMA statement reads.

At first, the technical aspects of the project will be tested: the digital currency will be available to a limited number of Saudi and Emirati banks. Later, in the case of positive results, the authorities will discuss further its further implementation in line with all standards effective in these countries.‏ 

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29 January, 2019 18:04

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