Saudi Arabia and the United Arab Emirates are constantly settling cross-border payments between one another. As a result of the need for improved international remittance, their central banks have jointly launched a digital currency trial. The trial of Aber, the digital currency to be used by the two nations, aims to investigate how the geographic neighbors can reduce remittance costs. The trial will initially be limited to a few banks in each nation.
The new cross-border payment purposed cryptocurrency was initially reported on in December 2017.
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Saudi Arabia and UAE announce joint digital currency trial written by Mike McCaffrey @ https://www.theblockcrypto.com/tiny/saudi-arabia-and-the-uae-announce-new-digital-currency/ January 30, 2019 Mike McCaffrey