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UAE and Saudi Arabia launch common digital currency

Wednesday 30 January 2019 | 15:22 CET | News
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The central banks of the UAE and Saudi Arabia have revealed a common digital currency called 'Aber' which they said will be used in financial settlements between the two countries through blockchains and distributed ledgers technologies, according to a statement from the Saudi Arabian Monetary Authority (SAMA) and the UAE Central Bank. 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, Gulfbusiness reported.

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Categories: Mobile & Wireless
Countries: Saudi Arabia / United Arab Emirates
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