Saudi-UAE Leaders Met To Discuss Plan For Their Upcoming Digital Currency

By Anne W. | December 1, 2019

A meeting was held in UAE between 2 royal members of each nation, in an attempt to discuss the possibility of the jointly-issued digital currency plan.

Specifically, His Highness Sheikh Mohamed bin Zayed al Nahyan, the Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces have hosted a meeting, inviting Prince Mohammed of Saudi Arabia, as reported on November 27. 

The 2 leaders have reportedly approved of 4 new policy measures, and have discussed the practical use of 7 seven strategic initiatives. One of the policy includes a project to develop a new cryptocurrency, particularly designed to support the Saudi-UAE interbank transactions. 

Specific information regarding the jointly-collaborated cryptocurrency have been made public by the UAE Central Bank (UAECB) and the Saudi Arabian Monetary Authority (SAMA). 

The UAE views Saudi Arabia as its “safety valve”, holding “the banner of defending its interests against all aspirations and projects aimed at splitting Arab unity.”

The UACEB-SAMA cryptocurrency of the 2 countries will be called “Aber”, and will be used exclusively for financial settlements, via the employment of a distributed ledger technologies (DLT), “on a probational basis and exclusive use by a limited number of banks in the two countries.”

Back at when the details were published, the issuance time for the coin was yet to be determined by involved parties, and is still not disclosed after the meeting between 2 countries.

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