Saudi Arabia’s and the United Arab Emirates’ (UAB) reserve banks have actually collaborated to evaluate a brand-new cryptocurrency.

The Saudi Arabian Monetary Authority (SAMA) and the Reserve Bank of the UAE validated the news in a joint declaration launched today.

The proof-of-concept will see the 2 countries trial Aber, a digital currency, to see whether they can take advantage of the innovation to lower remittance expenses.

According to the declaration, the task will likewise check out whether blockchain-based monetary settlements in between the 2 countries are feasible. It’ll likewise look for to discover if a blockchain system can act as an extra reserve for domestic payments.

The task will at first concentrate on the technicalities related to the innovation and using Aber will be limited to a set variety of banks in each nation.

If the task is finished effectively, both entities have actually stated they will think about the financial and legal requirements for the future– and broader– usage of the innovation.

This brand-new task mirrors a current report by the Bank of International Settlements( BIS) which exposed that nations worldwide might like producing their own digital coins, however the majority of the work is still conceptual.

Today’s verification follows on from reports, going back to late 2017, that the 2 reserve banks were looking for to trial a brand-new digital currency for cross-border payments.

Released January 29, 2019– 14: 23 UTC.