Saudi, UAE Banks Join Cross-Border Crypto Project

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A joint digital currency project has been joined by six commercial banks from Saudi Arabia and the United Arab Emirates (UAE), as reported by Saudi Arabian financial news portal Argaam.

The UAE central bank (UAECB) stated that the project would utilize cryptocurrency for facilitating transactions between the two nations. This development followed reports in December 2018 that the two countries were looking to develop blockchain-based cross border payments solutions. At the time, the Saudi Arabian Monetary Authority (SAMA) and UAECB declared that both countries want to use digital assets for the cross-border transactions.

The interbank digital currency project, Aber, will now be joined by six unnamed commercial banks. The project is expected to be functional by next year.  Moreover, the report states that the feasibility of the currency’s practical applications will be decided by the UAECB and Saudi Arabian Monetary Authority (SAMA). The outcomes of the “proof of concept” stage will determine official issuance.

In the previous month, both countries issued a statement that they have agreed upon the development of a joint cryptocurrency in order to better understand the potential of blockchain technology. Furthermore, reports claimed that Dubai is also looking to use cryptocurrency supported by the state (pegged to the state’s fiat currency) for utilities payments.

 

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