Abu Dhabi – Mubasher: Six Saudi and Emirati banks will participate in the launch of the common digital currency project “Aber” over the coming period, the UAE Central Bank (UAECB) said.

The joint venture (JV) is set to be completed within 12 months, the UAECB added.

On 29 January, the UAECB and the Saudi central bank, which is known as the Saudi Arabian Monetary Authority (SAMA), announced the launch of the common digital currency project.

In mid-May 2018, SAMA’s governor Ahmed Alkholifey stated that the kingdom hired advisors to implement a trial digital currency among lenders in Saudi Arabia and the UAE.

The UAECB’s governor Rashed al-Mansouri indicated last December that the two GCC nations began using a digital currency jointly developed for cross-border settlements.

Source: Mubasher

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