Digital Currency Aber – UAE and Saudi Arabia’s Cryptocurrency

UAE Central bank and the Saudi Arabian Monetary Authority (SAMA), have announced a digital currency called Aber. The news was reported by the National Saudi Press Agency on Jan 29.

The use of Aber, digital currency, will be limited to financial settlements using distributed ledger technologies (DLT) “on a probational basis and for  exclusive use by a limited number of banks in the two countries.” This will establish an additional means for the central financial transfer systems of the two countries and enable banks to directly deal with each other in conducting financial remittances.

This is in the framework of “Proof-of- concept”, which can be summed up in closely understanding and studying the dimensions of modern technologies and their feasibility through practical application and the determination of their impact on the improvement and the reduction of remittances costs and the assessment of technical risks and how to deal with them.

According to the statement, SAMA and UARCB hope that their pilot projects will benefit everyone locally and internationally. Based on this desire, 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.

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