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  • 07-12-20

    Central banks of UAE, Saudi Arabia to launch project for common digital currency

    (MENAFN)A project for a joint digital currency was inaugurated by the central banks of the UAE (CBUAE) and Saudi Arabia (SAMA).

    A last report on the Aber project chases continuing experiments and research into the initiative that is measured as one of the first of its kind internationally at the level of central banks.

    CBUAE and SAMA stated in a common statement, it supposed to offer proof of concept for the feasibility of issuing a digital currency for central banks called the Wholesale CBDC, with a view of improving cross-border payment systems and reducing transfer times and costs among banks.

    In addition it will experiment with the direct utilize and application of technologies for example, distributed ledgers.

    Also, the Wholesale CBDC was only used by the central banks and banks contributing in the initiative as a settlement unit for domestic as well as cross-border commercial bank transactions among the UAE and Saudi Arabia.

    MENAFN07122020000045011369ID1101243928

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