Saudi Arabia and the United Arab Emirates (UAE) announced a project on Tuesday for issuing a common cryptocurrency called "aber"to be used in a limited way between the testing period.
Virtual currency will be introduced "in a limited number of banks in both countries" to test its operation, according to the Saudi Monetary Authority (CAMA) and the Central Bank of Ecuador in a joint statement.
Two public entities they did not indicate the launch date of cryptocurrency, neither the volume of the initial release, nor the expected duration of the testing period.
The statement guaranteed that if “technical obstacles” were not presented during the testing period, “economic and legal issues of their use” would be studied for local payments.
The project also plans to use "aber" as an "alternate reserve" which will be used to make local payments by central banks in the event of a “interruption for any reason” of the traditional system.
Saudi Arabia and the UAE assured that the project’s objectives are to “understand and carefully study” the new technologies and their viability and “determine their impact on improving and reducing the costs of remittances”, as well as assessing your risks
The statement indicated that other countries were promoting pilot projects study the use of cryptocurrencywithout mentioning any particular.