SAMA and CBUAE Issue Report on Results of Joint Digital Currency Project “Aber”

SAMA and CBUAE Issue Report on Results of Joint Digital Currency Project “Aber”

Riyadh, November 29, 2020, SPA -- In a joint statement, the Saudi Central Bank (SAMA) and the Central Bank of the United Arab Emirates (CBUAE) announce the results of "Aber“ Project. The final report of the project results is available on the official websites of SAMA and the CBUAE.

It should be noted that in light of the ongoing experiments and research, the two central banks have launched "Aber" Project as an innovative initiative which is considered one of the first of its kind internationally at the level of central banks. This initiative aims to prove concept for, study, understand, and evaluate the feasibility of issuing a digital currency for central banks (Wholesale CBDC) with a view to developing cross-border payment systems and reducing transfer times and costs between banks, in addition to experiment the direct use and actual application of technologies such as the distributed ledgers. The Wholesale CBDC which was fully covered was issued by SAMA and the CBUAE, used only by them, and the banks participating in the initiative, as a settlement unit for domestic as well as cross-border commercial bank transactions between Saudi Arabia and the UAE.