The 6 banks participating in Project Aber
The central banks of Saudi Arabia and the United Arab Emirates have jointly released a comprehensive report on the year-long study they had undertaken to create a joint central bank digital currency (CBDC). The major highlight of the project - called Project Aber - is the relevance of blockchain technology in the future of global currencies.
The project, announced in January 2019, was initially intended to create a ‘proof of concept’ designed to “contribute in the body of knowledge in CBDC and DLT technologies’. A first of its kind study by 2 central banks, the project was aptly named Aber, meaning ‘crossing boundaries’, in Arabic. Divided into 3 distinct phases that progressively expanded the scope of the trial to 6 different commercial banks, the report notes that the project used a digital currency backed with real money in order to force “greater consideration” of issues surrounding security and existing payment systems.
The major conclusion in the report is that a dual-issued CBDC was “not only technically viable” for cross border payments, but CBDCs present “significant improvement over centralized payment systems in terms of architectural resilience’.
هذه القصة مأخوذة من طبعة January 2021 من Banking Frontiers.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 8500 مجلة وصحيفة.
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هذه القصة مأخوذة من طبعة January 2021 من Banking Frontiers.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 8500 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
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