Saudi Arabian Monetary Authority and Central Bank of UAE Announce Launch of Common Digital Currency 'ABER' Project

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.

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