The Saudi Arabian Monetary Authority (SAMA) and the United Arab Emirates Central Bank (UAECB) have announced a joint statement to launch a common digital currency project “Aber”.

According to the statement (Jan 29), the project is in the framework  of Proof-of-concept aiming to improve and reduce local and international remittance costs through blockchain and distributed Ledgers technologies.

“The two countries do not only aspire to be the forerunners in the application of modern technologies, but also in their adaptation, development and delivery to the world. “

The blockchain-based projects will also be considered to provide additional reserve system for domestic central payment system in case of their disruption.

The initial stages will be focused on technical aspects which are limited to a certain number of banks in each states. If there are no technical obstacles,  they will consider economic and legal requirements for future uses.