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Saudi-UAE leaders confirm Aber digital currency launch

Saudi UAE leaders confirm Aber digital currency launch

Aber digital currency, a joint cryptocurrency project between Saudi Arabia and UAE will launch soon. Prince Mohammed bin Salman, the crown prince of Saudi Arabia, landed in the United Arab Emirates (UAE) on November 28, 2019. The official visit will focus on discussing many prominent regional issues, joint policy measures, and also include discussions on a local Aber digital currency plan.

The Crown Prince of Abu Dhabi, His Highness Sheikh Mohamed bin Zayed al Nahyan welcomed the Saudi prince upon landing. Both the leaders have always been an advocate of modernizing the region on various fronts including financial, social, and political realms. Rumors of Aber digital currency have been doing the rounds for quite some time, and this latest news has sparked new interest among the investors.

Aber digital currency will power financial cooperation

Both the leaders have joined forces to reach new milestones in political and financial partnerships between the nations. Seven strategic and four policy initiatives have been signed during this official visit. Other notable issues included setting up of a new oil refinery and strengthening cooperation on cybersecurity.

An important agenda of this visit is to discuss launching a Saudi digital currency that will serve as the foundation between the two Arabian monarchies. The focus will be to strengthen interbank trading facilities.

Earlier this year in January, details of Aber digital currency started emerging when the two-state entities, namely the Saudi Arabian Monetary Authority (SAMA) and the United Arab Emirates Central Bank (UAECB), started discussions on this matter. UAE regards Saudis as a strategic partner in the region to jointly safeguard its regional political and financial interests. The officials from both nations have been discussing solutions to face the financial challenges in the Arab world jointly.

Aber digital currency will focus on interbank transactions

The jointly built digital currency called ‘Aber’ will not be available for retail usage. Instead, its use will be restricted to facilitating interbank financial settlements. Naturally, the development will employ tried-and-tested distributed ledger technologies, and only a few selected banks will be using the cryptocurrency initially.

So far, there has been no official word on the expected launch date, and neither is there any information regarding its issuance mechanism. This latest series of meetings is surely going to shed some more light on the future developments of Aber.

Image Source: Pixabay

Gurpreet Thind

Gurpreet Thind

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.

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