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Banks Of Two Arab Countries Are Implementing Crypto Project

14:14 06/02/2019
Banks Of Two Arab Countries Are Implementing Crypto Project

Six banking institutions in Saudi Arabia and the UAE have launched a joint crypto project, the news portal Argaam reports referring to the comments of the UAE Central Bank (UAECB).


The main objective of the project, called Aber, will be the use of own cryptocurrency for transactions between the banks of these two Arab states. The project will be implemented during 2019.


First, news about the development of a crypto project between the banks appeared at the end of 2018, when the UAECB and the Saudi Arabia Monetary Authority (SAMA) announced that the countries would use their digital asset when making cross-border payments.


The official launch of the cryptocurrency depends on the verification of the results of the proof of concept. Subsequently, both regulatory organizations will decide on the appropriateness of using the cryptocurrency.


The government of Dubai announced plans to develop a state-supported cryptocurrency, pegged to the national currency dirham, which could be used to pay for utilities, back in October 2018.


The crypto sphere and blockchain are becoming increasingly popular in the Arab states. As previously reported, IBM began working with the Abu Dhabi National Oil Company (ADNOC) to launch a pilot project for the supply of petroleum products on blockchain.

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