A new major cryptocurrency is going to go live, after it was made public that the Saudi Arabian Monetary Authority (SAMA) and the United Arab Emirates Central Bank (UAECB) are partnering on the project “Aber”.
Aber is a cryptocurrency project launched by the two entities to facilitate financial transactions between the two countries through the technology of blockchain and DLTs. The news was recently reported by Gulf Today.
The digital currency project will be built on the “Proof-of-Concept” framework. As press reported, the concept is involved in the :
… 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.
In addition to these benefits, Aber will involve highly qualified professionals who will study the effects of the DLT and blockchain technologies and how they can be used to facilitate financial settlements between the two countries and how banks can use these to the advantage of their clients.
Banks in the two countries have reportedly begun the pilot projects that aim to test the viability of Aber. The two countries remain positive on the future development of remittance systems using blockchain and distributed ledger technologies.