The UAECB Central Bank said that six commercial banks from Saudi Arabia and the United Arab Emirates will take part in the Digital Currency Project (ABER) for cross-border operations between the two countries.
Initially, the Arabian Central Bank and the Currency Office of Saudi Arabia (SAMA) reported on the launch plans for their own digital currency in December 2018. At the end of January, the project was launched, but the development of interbank cryptocurrencies should be fully completed over the next 12 months.
The official production of currency depends on the results of the inspection of its concept. Despite the participation of six commercial banks, the final decision on the feasibility of practical use ABER will take exclusively UAECB and SAMA, since it will be used for mutual settlements only between the two countries.
In late November, the Government of the UAE also announced the launch of a number