Saudi-UAE Leaders Confirm Forthcoming Jointly-Issued Digital Currency
Marie Huillet's original article for cointelegraph.com reduced by 52%
Saudi Crown Prince Mohammed bin Salman arrived in the United Arab Emirates for an official visit yesterday to discuss joint policy measures, including a digital currency plan. The two leaders are reported to have officially agreed on four new policy partnerships and to have reviewed seven strategic initiatives. On the agenda was a policy to launch a digital currency to facilitate interbank trading between the two countries.
Details of the jointly-issued digital currency were revealed by the United Arab Emirates Central Bank and the Saudi Arabian Monetary Authority in January of this year. The National cites press coverage from Saudi news agency Spa, which reportedly declared that the UAE considers Saudi Arabia as its "Safety valve," carrying "The banner of defending its interests against all aspirations and projects aimed at splitting Arab unity." As Cointelegraph has reported, the UACEB-SAMA digital currency is named "Aber" and will be limited to financial settlements using distributed ledger technologies "On a probational basis and exclusive use by a limited number of banks in the two countries." Aber and the other matters officially discussed in Abu Dhabi today form part of a seven-point bilateral cooperation plan between UAE and the Kingdom of Saudi Arabia, negotiated in a meeting of the Executive Committee of the Saudi-Emirati Co-ordination Council this January.
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