The central banks of the two Middle East countries have released a report on their year-long joint project on central bank digital currencies (CBDC). The Aber project was jointly launched in 2019 by the United Arab Emirates (UAE) and Saudi Arabia and aims to research the practical use of digital currency.
The project report concludes that the digital currency of the central bank is not only technically suitable for processing cross-border payments, but is also a significant improvement over centralized payment systems in terms of sustainability. The project was able to meet the basic requirements: data protection and decentralization, minimization of economic risks.
The report contains recommendations for further research on the implementation of the project. These recommendations include using blockchain technology to improve security and open payment channels based on it. In the future, the Aber project should be expanded to include partners from other regions and other financial products.