Saudi Arabia and UAE confirm joint cryptocurrency trial

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Saudi Arabia’s and the United Arab Emirates’ (UAB) central banks have teamed up to test a new cryptocurrency. The Saudi Arabian Monetary Authority (SAMA) and the Central Bank of the UAE confirmed the news in a joint statement released today. The proof-of-concept will see the two nations trial Aber, a digital currency, to see whether they can leverage the technology to reduce remittance costs. According to the statement, the project will also explore whether blockchain-based financial settlements between the two nations are viable. It’ll also seek to find out if a blockchain system can serve as an additional reserve for…

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