Referring to comments from the UAE central bank (UAECB), Agraam notes that the goal of the project is to use cryptocurrency for financing transactions between Saudi Arabia and the UAE.
The news about developing a cryptocurrency by the two aforementioned countries came in December 2018, when UAECB and Saudi Arabian Monetary Authority (SAMA) had announced that the countries intended to use cryptocurrency for cross-border transactions.
Today - News - Underlines - Banks - Interbank
Today’s news underlines that six unnamed commercial banks will join the interbank digital currency project, dubbed Aber, with a scheduled implementation during next 12 months. The article also adds: