The Saudi Arabian Monetary Authority (SAMA) and The United Arab Emirates (UAE) central bank announced the name of their interbank digital currency-‘’ABER’’ according to the reports that we came across for our blockchain news today from the National Saudi Press Agency.
The banks issued a joint statement outlining the use of Aber exclusively for financial settlements using distributed ledger technologies and especially for a limited number of banks in the two countries.
The banks also clarified that the issuing of the digital currency falls under the proof-of-concept framework:
“Studying the dimensions of modern technologies and their feasibility through practical application and the determination of their impact on the improvement and the reduction of remittances costs and the assessment of technical risks and how to deal with them.”
There is still no information about the official launch date for the pilot issuance but they did outline that they are focusing more on the technical aspects. According to the announcement, if there are no technical obstacles encountered, the legal and economic requirements for the future uses of the currency will be considered.
The two countries believe that the joint issuance is important for their international remittances and their further development since their national central systems for domestic transactions have proven to function great:
“The project will also enable considering the possibility of using the system as an additional reserve system for [a] domestic central payments settlement system in case of their disruption for any reason.”
UAE also hopes to join the list of the leading blockchain destinations in 2019 by establishing a new crypto legal framework.
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“a) exchange between crypto assets, b) transfer of virtual assets, and c) participation in and provision of financial services related to an issuer’s offer and/or sale of a crypto asset.”Cyprus is one of the seven EU member countries that have already released a declaration that aims to promote the use of DLT in the region. Last fall, the national investment partner in the country, Invest Cyprus, signed a Memorandum of Understanding with VeChain Foundation from Singapore in order to work on multiple national level investment strategies that will be blockchain based.
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“Blockchain technology has established a highly mutual trust data sharing mechanism among tax authorities, invoice service providers, taxpayers and other parties. This is a major reason for the tax authorities to take a new step in deepening the [technological] reform [by] the distribution services.”Back in December 2018, one of the bigger cities in the Guangdong province-Shenzhen announced its success story of how blockchain technology helped with the tax invoices via the messaging app WEChat payment platform. Also, last year in November, the capital of the Guangdong and one of the most developed economic zones in China, Guangzhou, was chosen as a headquarters city for the new blockchain alliance. The alliance involves 54 different companies and is promoting blockchain technology in finances and trading. Countries around the world are opting for blockchain-based tax solutions because of the higher efficiency and transparency.
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