Saudi, UAE central banks work on shared digital currency| MENAFN.COM

Sunday, 07 August 2022 10:41 GMT

Saudi, UAE central banks work on shared digital currency


(MENAFN)The central banks of the UAE (CBUAE) and Saudi Arabia (SAMA) have formally inaugurated a project for an ordinary digital currency.

An ultimate report on the Aber project pursues constant experiments and research into the program that is believed to be one of the first of its kind internationally at the level of central banks.

CBUAE and SAMA declared that, itplans to offer proof of concept for the viability of issuing a digital currency for central banks named the Wholesale CBDC, includes a view of increasing cross-border payment systems and plummeting transfer times and costs between banks.

Also it is going to be tested with the direct use and application of technologies for example: distributed ledgers.

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