The cryptocurrency, which is being devised by the central banks of the United Arab Emirates (UAE) and Saudi Arabia, will be called “Aber”. The study of technical requirements for launching Aber is also to determine, whether a national cryptocurrency could be usable as a backup payments settlement system in case of disruption of more traditional ones or not.
The inter-bank digital currency announced by the Saudi Arabia Monetary Authority (SAMA) and the United Arab Emirates’ Central Bank (UAECB) two months ago will be called “Aber”, as the recent joint statement from the banks reads.
“The project will also enable considering the possibility of using the system as an additional reserve system for [a] domestic central payments settlement system in case of their disruption for any reason,” – the document specifies.
The statement did not determine an official launch date for the currency’s pilot issuance, but outlined that it would initially be focused on technical aspects. The announcement also reported that if “no technical obstacles are encountered, economic and legal requirements for future uses will be considered.”
As reported earlier, the new cryptocurrency will not be designed to replace the fiat currency, rather it would work as a payments system, designed solely for banks, not for the common public.