Aber

Link to whitepaper: www.sama.gov.sa

Description: In Jan 2019, the Saudi Arabian Monetary Authority (SAMA) and the United Arab Emirates Central Bank (UAECB) announced a common digital currency project, " Aber", for financial settlements between Saudi Arabia and the United Arab Emirates. The purpose of the project is to improve the efficiency of international remittances and develop an additional system for domestic payments settlement in case of disruption. Neither country has yet revealed a timeline for the CBDC, nor have they stated specifics on the underlying blockchain structure or whether it will be pegged to fiat currencies. In September 2017, the government of Dubai announced an encrypted digital currency, emCash, that will be used to pay for public and private services. emCash will be developed by Emcredit, a state-backed subsidiary of the Department of Economic Development in collaboration with the U.K.-based startup Object Tech Grp Ltd. However, the project is in early stages and no additional information has been released. → In November 2020 the two central banks published the results of their joint "Aber" wholesale central bank digital currency (wCBDC) pilot project. In Jan 2019, the Saudi Arabian Monetary Authority (SAMA) and the United Arab Emirates Central Bank (UAECB) announced a common digital currency project, " Aber", for financial settlements between Saudi Arabia and the United Arab Emirates. The purpose of the project is to improve the efficiency of international remittances and develop an additional system for domestic payments settlement in case of disruption. Neither country has yet revealed a timeline for the CBDC, nor have they stated specifics on the underlying blockchain structure or whether it will be pegged to fiat currencies. In September 2017, the government of Dubai announced an encrypted digital currency, emCash, that will be used to pay for public and private services. emCash will be developed by Emcredit, a state-backed subsidiary of the Department of Economic Development in collaboration with the U.K.-based startup Object Tech Grp Ltd. However, the project is in early stages and no additional information has been released.

Link to announcement: www.sama.gov.sawww.sama.gov.sa

Research → Pilot

Governance structure: United Arab Emirates' central bank (UAECB) and the Saudi Arabian Monetary Authority (SAMA)

Description: In Jan 2019, the Saudi Arabian Monetary Authority (SAMA) and the United Arab Emirates Central Bank (UAECB) announced a common digital currency project, " Aber", for financial settlements between Saudi Arabia and the United Arab Emirates. The purpose of the project is to improve the efficiency of international remittances and develop an additional system for domestic payments settlement in case of disruption. Neither country has yet revealed a timeline for the CBDC, nor have they stated specifics on the underlying blockchain structure or whether it will be pegged to fiat currencies. In September 2017, the government of Dubai announced an encrypted digital currency, emCash, that will be used to pay for public and private services. emCash will be developed by Emcredit, a state-backed subsidiary of the Department of Economic Development in collaboration with the U.K.-based startup Object Tech Grp Ltd. However, the project is in early stages and no additional information has been released.

DLT / non-DLT: DLT

Main motivation/goals of the CBDC: The main goal of Aber is to create a digital currency that can be used between the two central banks of each nation and limited banks that are hand-selected by the central banks.

Link to announcement: www.sama.gov.sawww.ledgerinsights.comcointelegraph.com

None → Research

Announcement Year: 2019

Retail/Wholesale: Wholesale

Structure: Account

Technology Provider: IBM

Country / Region: Saudi Arabia, United Arab Emirates

Central Bank(s): Saudi Arabian Monetary Authority, United Arab Emirates Central Bank