Question: Common Digital Currency ‘Aber’ launched by which country?
(a) UAE and Saudi Arabia
(b) UAE and Qatar
(c) Oman and Qatar
(d) Saudi and Oman
Answer: (a)
Related facts:
- The United Arab Emirates Central Bank (UAECB) and the Saudi Arabian Monetary Authority (SAMA) announced the launching of common digital currency project ‘Aber’ on January 29, 2019.
- The currency will be used in financial settlements between the two countries through Blockchains and Distributed Ledgers technologies..
- This comes under the framework of ‘Proof-of-Concept’, which can be summed up in closely understanding and studying the dimensions of modern technologies
- The project will study the feasibility of the currency and will determine its impact on reducing remittances costs alongwith the technical risks.
- It will establish an additional means for the central financial transfer systems of the two countries and enable banks to directly deal with each other in conducting financial remittances.
- The use of the currency will be restricted to a limited number of banks initially which will be widened further in future.
Links:
https://gulfbusiness.com/uae-saudi-reveal-details-common-digital-currency-aber/
https://www.emirates247.com/business/uae-and-saudi-arabia-announce-launch-of-common-digital-currency-aber-2019-01-29-1.678791