On January 29, 2019, the Saudi Arabian Monetary Authority (SAMA) and the Central Bank of the United Arab Emirates released a joint statement announcing the launch of the “ABER” project, which enables the two jurisdictions to settle their financial transactions through the use of a common digital currency. The digital currency will be based on blockchain and distributed ledger technology (DLT).
The initiative is aligned with the so-called “proof-of-concept” framework, by means of which the countries will be able to gain a better understanding of new technologies and how they can be utilised in practice to bring down remittance costs, better assess the entailed technical risks and find efficient ways to mitigate them.
Request a Free Trial
As a trusted source of regulatory intelligence for the global payments industry, we enable organisations to manage the growing volume and velocity of regulatory risk with confidence, empowering more informed and effective decision making, in an efficient and cost-effective way.Take a Trial