the saudi central bank (sama) and the central bank of the united arab emirates (cbuae) say a dual saudi and uae central bank digital currency (cbdc) is technically viable after a successful pilot run.
on saturday the governments of saudi arabia and the united arab emirates announced a new cross border digital currency initiative.
the saudi central bank (sama) and the central bank of the united arab emirates (cbuae) said they have completed the successful trials of a joint central bank digital currency (cbdc) project, as per an official announcement on sunday.
Saudi arabian monetary authority and the central bank of the uae recently published a report where they are discussing the results of the first trial about cbdc.
the project was initially launched by the two central banks in early 2019 to launch the aber digital currency, a name that means crossing boundaries in the arabic language. The central banks initiated the project to check the possibilities of a single dual-issued digital currency as an instrument of domestic and cross-border settlement between the two countries.
Aber digital currency, a joint cryptocurrency project between saudi arabia and uae will launch soon. Prince mohammed bin salman, the crown prince of saudi arabia, landed in the united arab emirates (uae) on november 28, 2019.
the central banks of the uae (cbuae) and saudi arabia (sama) have officially launched a project for a common digital currency.
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