UAE central bank and Sama partner for blockchain project

New system aims to provide more efficient central financial transfer system


The United Arab Emirates Central Bank and the Saudi Arabian Monetary Authority (Sama) have launched a joint blockchain project that will overhaul how transactions between the two countries are made.

The initiative, called Project Aber, will connect a “limited” number of banks in each state to a distributed ledger framework that will form the core of a new “central financial transfer system” between the two countries.

“Sama and UAECB hope that their pilot projects will benefit everyone locally

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