Cryptocurrency, the possibility of joint release of which is considered by the Central banks of the UAE and Saudi Arabia, will be called “Aber”. The study of the technical requirements of the issue of “Aber” is also intended to find out whether the national cryptocurrency can be used within the country in case of problems with the traditional payment processing system.

The aim of the project will be to find out whether such an asset can serve as an additional backup system within the country in case of problems with the centralized payment processing system.

The digital currency, which was announced by the Central banks of the United Arab Emirates (UAE) and Saudi Arabia, will be called “Aber”. This is stated in the joint statement of financial regulators.

Earlier, it became known that the Central Bank of the two countries together create a digital currency for interstate payments, which at the initial stage will be able to use a limited number of banks.

The statement emphasizes that before the release of digital currency it is necessary to conduct research of new technology. The report does not specify the launch date of “Aber”, but clarifies that if the technical study has a positive result, then the partners will consider the legal requirements for the digital cryptocurrency.

Another objective of the project would be to determine whether such an asset could serve as an additional backup system within the country in case of failure of a centralized payment processing system.