UAE and Saudi leaders confirm to issue a digital currency together

Saudi Arabia Prince Mohammed bin Salman arrived in the United Arab Emirates for an official visit yesterday to discuss joint policy measures, including a digital currency plan. Both countries are planning for a jointly-issued digital currency for banking usage.

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The National reported that Prince Mohammed was welcomed by His Highness Sheikh Mohamed bin Zayed al Nahyan, the Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Force on November 27 to discuss joint policy measures including a launch of a digital currency for banking use. 

 

Leaders agreed on four new policy partnerships.

Leaders of both countries agreed on four new policy partnerships and to have reviewed seven strategic initiatives, including jointly-issued cryptocurrency. The digital currency aims to facilitate interbank trading between the two countries. United Arab Emirates Central Bank and the Saudi Arabian Monetary Authority had revealed the details of this cryptocurrency back in January.

 

The digital currency “Aber” is limited to banking usage.

The co-developed cryptocurrency Aber will not be issued to the general public. The digital currency will be limited to financial settlements using distributed ledger technologies “on a probational basis and exclusive use by a limited number of banks in the two countries.”

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Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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