https://arab.news/v7z58
- The Central Bank of the United Arab Emirates (CBUAE) and the Saudi Central Bank (SAMA) launched the 鈥楢ber鈥� project
- The project seeks to evaluate the feasibility of issuing a digital currency for use between the two banks
DUBAI: The central banks of 抖阴短视频 and the UAE announced on Sunday plans to jointly develop a new digital currency.
In a joint statement the Central Bank of the United Arab Emirates (CBUAE) and the Saudi Central Bank (SAMA) launched the 鈥楢ber鈥� project, which seeks to evaluate the feasibility of issuing a digital currency for use between the two central banks.
The aim is to develop a cross-border payment system that will reduce transfer times and costs between banks in the two Gulf states.
The banks plan to develop a technology, such as distributed ledgers, which can be used to manage digital currencies between the two central banks and banks participating in the initiative in 抖阴短视频 and the UAE.
SAMA and the CBUAE 鈥渆xpressed their satisfaction with the achieved results, the visions shared, and the valuable lessons learned,鈥� so far as part of the 鈥楢ber鈥� project.