UAE, Saudi Arabian central banks release report on Project Aber CBDC trial
The joint report is among the most promising CBDC studies conducted by central bank authorities Central banks from two of the most powerful economies in the Middle East released a report today on a yearlong joint central bank digital currency (CBDC) project — and results speak glowingly of blockchain technology. First announced in January of 2019, Project Aber was a joint effort between the United Arab Emirates and Saudi Arabia to establish a “proof of concept” designed to “contribute in the body of knowledge in CBDC and DLT technologies.” The combined effort of two central banks in such a....
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The Saudi Arabian central bank has reportedly appointed Mohsen Al Zahrani as the lead of the bank’s virtual assets and digital currency project. The emergence of the United Arab Emirates (UAE) as the regional crypto hub is believed to have forced authorities in Saudi Arabia to consider formally regulating cryptocurrencies.
Saudi Arabia’s Changing Position on Crypto
According to a report, the Saudi Arabian central bank has selected Mohsen Al Zahrani to lead its virtual assets and digital currency program. The appointment of Al Zahrani, according to the report,....
Crypto is playing an important role in the vast financial landscape of Saudi Arabia. Mohsen Al Zahrani, a former managing chief at Accenture, has been chosen by the Saudi Arabian Monetary Authority (SAMA) to spearhead its digital assets and central bank digital currency development. The appointment of Al Zahrani is indicative of the Gulf state’s apparent […]
The central banks of Switzerland and France are joining hands with the Bank for International Settlements to test wholesale central bank digital currencies in cross-border transactions. The experiment will be conducted with the help of a private sector consortium led by Accenture. European Central Banks to Collaborate on CBDC Project The Swiss National Bank (SNB), Banque de France, and the Bank for International Settlements (BIS) Innovation Hub have announced this week they’ll cooperate on trials exploring the use of wholesale central bank digital currencies (CBDCs) for cross-border....
Reem Al Faisal, the photography-loving Saudi Arabian princess, recently announced the launch of her first Saudi non-fungible token (NFT) collection on Opensea and an art gallery in the metaverse. Photography Career Saudi princess Reem Al Faisal has launched her first NFT collection, called “Mekkah and Madinah,” on the Opensea marketplace, as well as an art gallery in the metaverse. The NFT collection features the Saudi shrine, Al Kabbah, while six Saudi artists are featured in the art gallery. According to a post on her Instagram account, the Saudi princess says the launch....
The report by PwC shows that 80% of central banks are considering or have already launched a CBDC. More than 80% of central banks are interested in launching a Central Bank Digital Currency (CBDC) or have already done so according to research conducted by accounting firm PwC.The second annual Global CBDC Index report released on Monday, April 4, measures a central bank's level of maturity in deploying its own digital currency. The report also included an overview of stablecoins for the first time.Haydn Jones, Blockchain and Crypto Specialist at PwC U.K. stated in the report that “over 80%....