“… the project has confirmed the viability of DLT as a mechanism for both domestic and cross-border settlement and confirmed the technical viability of a single digital currency issued by both central banks.” Project Aber

Project Aber

Saudi Arabia has the Riyal (SAR) currency which is pegged to the USD. The central bank is the Saudi  Central Bank (SAMA).

The CBDC matter was considered in a report published by SAMA in conjunction with the Central Bank of the UAE (CBUAE).

Project Aber in January 2019, used DLTs (Hyperledger Fabric) and tested cross-border payments under a dual design for domestic and cross-border payments. This test was a successful. 

The results were further reported in the 2020 Annual Report. The focus was cross-border payments.

71 pecent of people have bank accounts in Saudi Arabra and Internet penetration is 93 percent.

Saudi Arabia has a good basis for launching more CBDC related work.

 

 

 

 

  

 

 

By cryptorocks_editor

Editor.