UAE, Saudi Central Banks Launch Common Digital Currency Called ‘Aber’

The central banks of the UAE and Saudi Arabia have launched a common digital currency called “Aber“, which will be used in financial settlements between the two countries through Blockchains and Distributed Ledgers technologies.

Through this digital currency, both the United Arab Emirates Central Bank (UAECB) and the Saudi Arabian Monetary Authority (SAMA) are studying the impact on the improvement and reduction of remittance costs and the assessments of risks.

Source: News on AIR

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