Six commercial banks from Saudi Arabia and the United Arab Emirates (UAE) have joined a digital currency project, major Saudi Arabian financial news portal Argaam reports on February. 5

Referring to comments from the UAE central bank (UAECB), Agraam notes that the goal of the project is to use cryptocurrency for financing transactions between Saudi Arabia and therefore the UAE.

The news regarding developing a cryptocurrency by the 2 said countries came in Dec 2018, once UAECB and Saudi Arabian monetary Authority (SAMA) had declared that the countries meant to use cryptocurrency for cross-border transactions.

Today’s news underlines that six unnamed business banks can join the interbank digital currency project, dubbed Aber, with a scheduled implementation during next twelve months. The article conjointly adds:

“The currency's official issuance is conditional on the outcomes of the “proof-of-concept” stage. The Saudi Arabian monetary Authority (SAMA) and therefore the UAECB can choose the feasibility of the currency’s sensible applications.”

Last month, Saudi Arabia and therefore the UAE made an announcement that the 2 countries have agreed to cooperate on joint cryptocurrency development targeted to better perceive the development of blockchain technology, Top Market Group wrote on January. 20.

As Top Market Group reported back in Oct, the Dubai government conjointly intends to use a digital currency backed by the state and pegged to the UAE’s fiat currency, the dirham, for utilities payments.

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