DUBAI: The central banks of Ƶ 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 ‘Aber’ 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 Ƶ and the UAE.
SAMA and the CBUAE “expressed their satisfaction with the achieved results, the visions shared, and the valuable lessons learned,” so far as part of the ‘Aber’ project.
