June 19, 2024

Saudi Arabia and the UAE discuss actions to launch a joint digital currency

Saudi Arabia and the United Arab Emirates have confirmed plans to test a joint digitalcurrency and discuss a further plan of action for its launch.

Saudi Prince Mohammed reportedlybin Salman (Mohammed bin Salman) arrived in the UAE to address political and financial issues, including considering further steps to launch a digital currency to simplify interbank transactions between the two countries.

A new digital currency will be released called Aber andwill be used for financial calculations based on distributed ledger technology. Currency will be tested by certain banks in Saudi Arabia and the UAE. The leaders of the countries have not yet announced the names of these banks, the exact launch date of stablecoin also remains unknown.

Recall that countries announced a jointtesting Aber back in January, and it was planned to launch it later this year. Despite the fact that things are progressing slowly with its own stablecoin, Saudi Arabia uses every opportunity to use the blockchain.

This month Altaiseer Aluminum CorporationCorporation completed a blockchain transaction with Bahraini aluminum producer Aluminum Bahrain with the participation of Saudi British Bank. In April, the bank announced it was using Ripple's solution for international transfers.