Saudi Arabia and UAE confirm joint cryptocurrency trial

Saudi Arabia and UAE confirm joint cryptocurrency trial
By Yessi Bello Perez


Saudi Arabia’s and the United Arab Emirates’ (UAB) central banks have teamed up to test a new cryptocurrency. The Saudi Arabian Monetary Authority (SAMA) and the Central Bank of the UAE confirmed the news in a joint statement released today. The proof-of-concept will see the two nations trial Aber, a digital currency, to see whether they can leverage the technology to reduce remittance costs. According to the statement, the project will also explore whether blockchain-based financial settlements between the two nations are viable. It’ll also seek to find out if a blockchain system can serve as an additional reserve for…

This story continues at The Next Web


January 29, 2019 at 08:23PM
via The Next Web http://bit.ly/2CUdp6p

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