UAE, Saudi Arabia central banks launched digital currency ‘Aber’

  • The central banks of the United Arab Emirates and Saudi Arabia have launched a common digital currency called “Aber”. 
  • It will be used in financial settlements between the two countries through Blockchains and Distributed Ledgers technologies.
  • According to the UAE central bank, it will establish an additional means for the central financial transfer systems of the two countries and enable banks to directly deal with each other in conducting financial remittances.
  • Through this digital currency, both the United Arab Emirates Central Bank (UAECB) and the Saudi Arabian Monetary Authority (SAMA) are studying the impact on the improvement and reduction of remittance costs and the assessments of risks.

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