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UAE, Saudi Digital Currency to Be Restricted to a Limited Number of Banks

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Central banks of the UAE and Saudi Arabia on Tuesday announced that a digital currency the two countries are currently working on will be restricted to a limited number of banks in the initial stage.

The two apex banks said in a statement that one of the objectives of launching the common digital currency project ‘Aber’ is for use in financial settlements between the two countries through Blockchain and distributed ledger technologies.

The pilot project is aimed at studying the practical application of modern technologies. (Shutterstock)

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