Saudi Arabia and UAE confirm joint cryptocurrency trial


Saudi Arabia’s and the United Arab Emirates’ (UAB) central
banks have teamed up to test a new cryptocurrency. The Saudi
Arabian Monetary Authority (SAMA) and the Central Bank of the UAE
confirmed the news in a joint statement released today. The
proof-of-concept will see the two nations trial Aber, a digital
currency, to see whether they can leverage the technology to reduce
remittance costs. According to the statement, the project will also
explore whether blockchain-based financial settlements between the
two nations are viable. It’ll also seek to find out if a
blockchain system can serve as an additional reserve for…


This story continues
at The Next Web
Source: FS – All Tech News
Saudi Arabia and UAE confirm joint cryptocurrency trial