Saudi Arabia, UAE Leaders Confirm Plans to Launch Digital Currency
- The project was officially unveiled earlier this year and named Aber.
The leaders of Saudi Arabia and the United Arab Emirates (UAE) confirmed that the two countries would initiate the development of a digital currency.
Reported on Wednesday by TheNational.ae, the digital currency will be used for trading between banks in the two countries.
The agreement was signed between Saudi Crown Prince Mohammed bin Salman and Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, at the former’s latest visit in the UAE.
Crypto among major plans
The plan for digital currency is among the four new policy partnerships agreed by the two leaders, along with the decision to review seven strategic initiatives.
The plan also includes to jointly build a giant oil refinery with a capacity of 1.2 million barrels a day, and the countries also agreed to enhance cybersecurity measures between them.
The bank officials of both the countries are also scheduled for a meetup to discuss the challenges and opportunities in their financial sectors.
The confirmation for the development for the usage of the two countries was already expected as the United Arab Emirates’ (UAE) central bank (UAECB) and the Saudi Arabian Monetary Authority (SAMA), earlier this year, announced their plans to bring an inter-bank digital currency.
“[...] studying the dimensions of modern technologies and their feasibility through practical application and the determination of their impact on the improvement and the reduction of remittances costs and the assessment of technical risks and how to deal with them,” the SAMA then stated.
Meanwhile, Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term companies are flocking towards the Middle East to tap the market, which has a high potential for growth. Earlier this year, Bithumb partnered with Nvelop to launch a crypto exchange in the UAE while Huobi recently entered the market with its white-label Cloud Cloud The cloud or cloud computing helps provides data and applications that can be accessed from nearly any location in the world so long as a stable Internet connection exists. Categorized into three cloud services, cloud computing is segmented into Software as a Service (SaaS), Infrastructure as a Service (IaaS), and Platform as a Service (PaaS). In terms of trading, the versatility of the cloud service allows retail traders the ability to test out new trading strategies, backtest pre-existing conc The cloud or cloud computing helps provides data and applications that can be accessed from nearly any location in the world so long as a stable Internet connection exists. Categorized into three cloud services, cloud computing is segmented into Software as a Service (SaaS), Infrastructure as a Service (IaaS), and Platform as a Service (PaaS). In terms of trading, the versatility of the cloud service allows retail traders the ability to test out new trading strategies, backtest pre-existing conc Read this Term-based services.
The leaders of Saudi Arabia and the United Arab Emirates (UAE) confirmed that the two countries would initiate the development of a digital currency.
Reported on Wednesday by TheNational.ae, the digital currency will be used for trading between banks in the two countries.
The agreement was signed between Saudi Crown Prince Mohammed bin Salman and Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, at the former’s latest visit in the UAE.
Crypto among major plans
The plan for digital currency is among the four new policy partnerships agreed by the two leaders, along with the decision to review seven strategic initiatives.
The plan also includes to jointly build a giant oil refinery with a capacity of 1.2 million barrels a day, and the countries also agreed to enhance cybersecurity measures between them.
The bank officials of both the countries are also scheduled for a meetup to discuss the challenges and opportunities in their financial sectors.
The confirmation for the development for the usage of the two countries was already expected as the United Arab Emirates’ (UAE) central bank (UAECB) and the Saudi Arabian Monetary Authority (SAMA), earlier this year, announced their plans to bring an inter-bank digital currency.
“[...] studying the dimensions of modern technologies and their feasibility through practical application and the determination of their impact on the improvement and the reduction of remittances costs and the assessment of technical risks and how to deal with them,” the SAMA then stated.
Meanwhile, Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term companies are flocking towards the Middle East to tap the market, which has a high potential for growth. Earlier this year, Bithumb partnered with Nvelop to launch a crypto exchange in the UAE while Huobi recently entered the market with its white-label Cloud Cloud The cloud or cloud computing helps provides data and applications that can be accessed from nearly any location in the world so long as a stable Internet connection exists. Categorized into three cloud services, cloud computing is segmented into Software as a Service (SaaS), Infrastructure as a Service (IaaS), and Platform as a Service (PaaS). In terms of trading, the versatility of the cloud service allows retail traders the ability to test out new trading strategies, backtest pre-existing conc The cloud or cloud computing helps provides data and applications that can be accessed from nearly any location in the world so long as a stable Internet connection exists. Categorized into three cloud services, cloud computing is segmented into Software as a Service (SaaS), Infrastructure as a Service (IaaS), and Platform as a Service (PaaS). In terms of trading, the versatility of the cloud service allows retail traders the ability to test out new trading strategies, backtest pre-existing conc Read this Term-based services.