UAE and Saudi Arabia Leaders Discuss Launch of Joint Digital Currency
Posted On March 23, 2021
UAE and Saudi Arabia To Launch Joint Cryptocurrency Aber Current Affairs 2019
Crown Prince of Saudi Arabia Mohammed bin Salman and His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, discussed a number of issues, among which was the launch of a joint digital currency to facilitate interbank settlements between the two countries.
So far, representatives of the authorities and the Central Bank do not name the launch date.
In February, the UAE’s Central Bank reported that six commercial banks from both countries are developing the digital currency Aber for cross-border transactions. It was assumed that it will take about 12 months to test the concept, but the final decision on the feasibility of launching will be made by the central banks of the country..
During the official meeting, the heads of state agreed on four new strategic partnerships and considered seven strategic initiatives. Among other things, they discussed cooperation in the field of cybersecurity and the construction of a new refinery with a daily production of 1.2 million barrels..