Central Banks of Saudi Arabia and the UAE highly appreciate the possibilities for using blockchain in CBDC The central banks of the UAE and Saudi Arabia have reported the results of a year's tests in the field of national digital currencies (CBDC). The Aber project was announced in January 2019 and consisted of a concept design aimed at enhancing knowledge of CBDC and distributed ledger technology.

The Central Bank of Saudi Arabia and the UAE Highly Appreciate the Opportunities for Using Blockchain in CBDC

The central banks of the UAE and Saudi Arabia have reported the results of a year-long test in the field of national digital currencies (CBDC). The Aber project was announced in January 2019 and was to create a conceptual development aimed at expanding knowledge of CBDC and distributed ledger technology.

The organizers report that a fiat-backed digital currency was released as part of the trials, which showed "not only the technical viability" of the concept of cross-border payments based on a distributed CBDC, but also its "significant superiority over centralized payment systems in the context of a sustainable architecture.".

“All key requirements have been met, including complex privacy and decentralization requirements, as well as requirements related to overcoming economic risks, such as the ability to track money supply and currency the central bank", - concluded the organizers of the project.

They recommended introducing distributed ledger technology into existing systems to improve their security, implement new payment channels with the help of technology and attract representatives from other regions to participate in the Aber trials, as well as include additional assets, such as bonds..

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