Six different commercial banks based in Saudi Arabia and the United Arab Emirates have partnered in a joint cryptocurrency project. According to Argaam, a major Saudi Arabian financial news portal, the banks announced the partnership of February 5, saying that their goal was to use cryptocurrencies to facilitate transactions between the two countries.
According to local news sources, the cryptocurrency project Aber will be implemented in a period of 12 months. The Saudi Arabian Monetary Authority (SAMA) and the UAECB will decide on the feasibility of the currency’s practical applications, Argaam reported, adding that the issuance of the cryptocurrency will depend on the outcome of the “proof-of-concept” stage in its development.
The United Arab Emirates Central Bank (UAECB) and SAMA announced Aber earlier in December but have still not released any information about the banks that will be participating in the project.