Modi lost his majority in parliamentary elections held between April and June and had to depend on fickle allies to form a government
asia4 hours ago
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.
“As for the mechanism agreed upon by the Saudi Arabian Monetary Authority and the UAE Central Bank for implementation of the ‘Aber’ project, the concentration in the initial stages will be on technical aspects. The use of the currency will be restricted to a limited number of banks in each state. In case that no technical obstacles are encountered, economic and legal requirements for future uses will be considered,” read the statement issued on Tuesday.
The pilot project is aimed at studying the practical application of modern technologies and determining their impact on the reduction of remittance costs and assessment of technical risks and how to deal with them.
The central banks didn’t specify when the project would be launched.
Central banks of some countries have already begun pilot projects to explore the dimensions of Blockchain and distributed ledger technologies in the circulation of digital currencies. Countries already working on the pilot project include Sweden, Bahamas, Uruguay and Russia.
The central bank-based digital currency will make cross-border financial transactions more secure and financially efficient.
The UAE and Saudi Arabia hope that their pilot projects will benefit everyone locally and internationally.
A large number of companies in the UAE are increasingly embracing new technologies such as Blockchain, Artificial Intelligence, Internet of Things, etc., in line with the Fourth Industrial Revolution that is reshaping governments and corporates around the world.
The Abu Dhabi Global Market has been aggressively working on a framework to regulate spot crypto asset activities.
— waheedabbas@khaleejtimes.com
Modi lost his majority in parliamentary elections held between April and June and had to depend on fickle allies to form a government
asia4 hours ago
Sporadic fighting between Sunni and Shiite Muslims in the mountainous Khyber Pakhtunkhwa province has killed around 150 over the past months
asia5 hours ago
Imagine if a nurse or doctor didn't feel safe to report an error seen by colleagues — consider how many patients could be at risk
jobs6 hours ago
Trump has plucked a number of presidential appointments from Fox News programs, both in his first term from 2017-2021 and since being elected again on November 5
world6 hours ago
This place also offers golden karak tea for Dh150 and if you want to buy gold-infused water, get ready to shell out Dh300
food6 hours ago
A unified platform for drone operations will also be launched, streamlining registration and operational procedures
uae7 hours ago
The US prosecutor charges are the biggest setback for India's $143 billion Adani Group, which was last year hit by Hindenburg Research's allegations of improper use of offshore tax havens
asia8 hours ago
Launched in 2008, Chrome dominates the browser market, dwarfing rivals Edge and Safari, developed by Microsoft and Apple, respectively
tech8 hours ago