The crypto of the central bank of Saudi and Emirates is ready to go

Saudi Arabia and the United Arab Emirates started together digital money experiment last year. The aim was for the Gulf States to create a common, distributed payment network that would increase the efficiency of cross-border economic transactions. So they want cheaper, simpler, faster, and more controllable finances when they do business with each other.

For this, blockchain technology called in to help. The Project Aber initiative proved viable at the end of the test period. However, the authorities in the two Arab states also said that the real challenge would be to address the impact of the CBDC on the existing financial system and their current legal framework.