Six commercial banks from Saudi Arabia and the United Arab Emirates (UAE) have joined the digital currency project, – Argaam, a major news portal, reported on February 5th.
Referring to the comments of the UAE Central Bank (UAECB), Agraam notes that the project’s goal is to use cryptocurrency to finance transactions between Saudi Arabia and the UAE.
The news of the development of cryptocurrency by the two aforementioned countries appeared in December 2018, when the UAECB and the Saudi Arabian Monetary Agency (SAMA) announced that countries intend to use cryptocurrency for cross-border transactions.
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It became known that six unnamed commercial banks will join the interbank digital currency project, called Aber, with planned implementation over the next 12 months.
In the article, Argaam also added: "The official release of a currency depends on the results of the" concept verification "phase. The Saudi Arabian Monetary Agency (SAMA) and UAECB will decide on of the practical use of currency."
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Last month, Saudi Arabia and the United Arab Emirates announced that the two countries had agreed to cooperate in developing joint cryptocurrency to better understand the development of blockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details technology.
Editor: Yuliya Soroka