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Briefing
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- Cryptocurrency Trial – Saudi Arabian Monetary Authority (SAMA) and United Arab Emirates Central Bank (UAECB) testing new cryptocurrency Aber that would circulate in both countries
- Cross-Border Payments – Considering if blockchain can be used to facilitate seamless cross-border payments between two nations at lower remittance costs
- Monetary Policies – Program will also seek to assess impact of state-owned cryptocurrency to monetary policies
- Reserve Currency – Will also consider whether cryptocurrency can be used as additional reserve system for domestic central payments in case of any disruption
- Limited to Banks – Pilot limited to both countries’ banks only but other uses may be considered in future
- Overall Plan – Trial part of seven-point cooperation plan that aims to strengthen ties between both countries, including knowledge sharing, and political or military collaboration
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Accelerator
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Market Disruption
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Sector
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Financial Services
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Organization
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Saudi Arabian Monetary Authority (SAMA), United Arab Emirates Central Bank (UAECB)
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Source
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Reynolds, R., "UAE and Saudi Arabia unveil seven point co-operation plan including new cryptocurrency",
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"A statement on launching “Aber” project, the common digital currency between Saudi Arabian Monetary Authority (SAMA) and United Arab Emirates Central Bank (UAECB),"
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Moon, M., "Saudi Arabia and UAE test cryptocurrency for cross-border payments",
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Khatri, Y., "Saudi Arabia, UAE aim to cut payments costs with common digital currency",
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AcceleratingBiz analysis
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Original Publication Date
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January 19, 2019
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