Saudi Arabia, UAE Aim to Cut Payments Costs With Common Digital Currency

SAMA and UAECB launch ‘Aber’ project

SAMA and UAECB launch ‘Aber’ project

The two countries remain positive on the future development of remittance systems using blockchain and distributed ledger technologies.

According to the Saudi Arabian Monetary Authority (SAMA) and the Central Bank of the United Arab Emirates, this new blockchain initiative is set to help the countries to make financial settlements between them using the blockchain technology.

While the central remittance systems in both countries have "evolved overtime and proved their feasibility", global remittances have need for improvement, the central banks said. The joint digital currency will be used only by a limited number of banks in both countries.

The project will study the feasibility of the currency through "practical application" and determine its impact on reducing remittances costs while assessing the technical risks. Therefore, the two countries undertook the experiment of issuing a common digital currency to be used across borders for transfers. However, there are still some aspects of worldwide remittances that need further development.

New Zealand beat India by eight wickets in 4th ODI
Surprised at the way the wicket behaved at the Seddon Park, Bhuvneshwar said, "I was a bit surprised, if you look at the wicket, it shouldn't play the way it played".

In a statement released this morning, the two central banks also pledged to establish additional means to enable local banks to deal directly with each other in conducting financial remittances. Based on this desire, the two countries do not only aspire to be the forerunners in the application of modern technologies, but also in their adaptation, development and delivery to the world.

The statement has not outlined a specific date for the launch of the digital currency but it mentions that the concentration will be on the technical aspects and if no technical issues are encountered, economic and legal requirements for future uses will be considered.

SAMA and UAECB agreed that at the initial stage of project implementation they will focus on technical aspects.

Recommended News

  • Democratic Representative Will Bring Former Trump Worker To SOTU

    Democratic Representative Will Bring Former Trump Worker To SOTU

    Chris Christie said Wednesday that President Trump needs to "let loose" next week during his State of the Union address. Democratic lawmakers a year ago invited guests personally affected by the immigration debate and the #MeToo movement.
    VW Reviving The Classic Beach Buggy As An Electric Concept

    VW Reviving The Classic Beach Buggy As An Electric Concept

    The concept was built to show how versatile the MEB platform is and how it could be used to develop low-volume specialty vehicles. So for its latest concept auto , Volkswagen chose to use its new electric platform to build a dune buggy of its own.
    Saudi Arabia suspends 126 local government employees on corruption charges

    Saudi Arabia suspends 126 local government employees on corruption charges

    Eight people refused to reach a settlement, and have been referred to public prosecution for further action under the law. The public prosecutor refused to settle the cases of 56 people because of existing criminal charges against them.
  • President Trump to EU, Do Not to Try to Evade Iran Sanctions

    President Trump to EU, Do Not to Try to Evade Iran Sanctions

    The Trump administration called the European move as a sabotage of the "maximum pressure" tactic of the USA. European Union members are to discuss the conclusion about Iran in another meeting later this week.
    Vaping twice better for quitting smoking than patches, gum

    Vaping twice better for quitting smoking than patches, gum

    Just nine percent of those who had quit cigarettes for a year in the nicotine replacement group were still using patches, gum or other substitutes.
    Pope: Terrified of bloodbath in Venezuela, won't pick sides

    Pope: Terrified of bloodbath in Venezuela, won't pick sides

    Pope John Paul II made that change in church policy in 1980 in response to a shortage of available priests in certain areas. Francis' openness to considering the prospect of allowing older married men to become priests is not without precedent.
  • FC Barcelona Star Linked With Premier League Side Chelsea

    FC Barcelona Star Linked With Premier League Side Chelsea

    I'm 30 years old and I'm having the best moments of my career", Rakitić said. I want to enjoy football and enjoy Barca'.
    Justin Bieber launched a clothing line, and it’s beige!

    Justin Bieber launched a clothing line, and it’s beige!

    It also features a pair of "cheap ol' regular drew house slippers", which Bieber snapped himself wearing over the holiday period. Bieber officially launched his Drew fashion line after months of anticipation.
    Obesity, bad nutrition, climate change 'a triple danger'

    Obesity, bad nutrition, climate change 'a triple danger'

    But Tim Rycroft, of the Food and Drink Federation, said: "Drawing a comparison between tobacco and food is deeply irresponsible". Food and beverage giants have already been shifting toward healthier products and have been cutting fat and sodium levels.
  • Redmi Note 7 Pro may come with 6GB RAM and 128GB storage

    Redmi Note 7 Pro may come with 6GB RAM and 128GB storage

    The Mi Max 4 is speculated to get its fuel from a massive 5,800mAh battery and run MIUI 11 based on Android 9.0 Pie. Xiaomi has officially launched the Redmi Go , the brand's first Android Go smartphone that costs US$90 (~RM369).
    Brexit vote: May and Varadkar to hold talks

    Brexit vote: May and Varadkar to hold talks

    French President Emmanuel Macron echoed Tusk's position, saying that the existing agreement's text, "is the best accord possible". This agreement can not be renegotiated. "The EU has been clear on this point", the president's office said in a statement.
    Manchester United offer Juan Mata new one-year deal

    Manchester United offer Juan Mata new one-year deal

    He is now free to hold personal negotiations with other clubs, as he entered the final six months of his contract in January. And Mata's availability on a free transfer at the end of the season has emerged as an enticing avenue for Barcelona .

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.