As per the Saudi Arabian and UAE central banks’ official announcement, their joint CBDC initiative – “Project Aber” – has now finished trials that took about an entire year. Notably, the results showed promising indications, which further reinforces the two economic giants’ positive perception of blockchain technology.
Introduced publicly last January 2019, Project Aber’s year-long trial could be dissected into three different stages, with its scope gradually expanding among six distinct commercial banks. The tests utilized a particular digital currency fully-supported by physical money to ease the public’s concerns and consideration regarding its security and effect on the present payment systems. This is performed to make sure that the project could keep up with the ever-evolving digital currency trends worldwide, on top of establishing a genuine native-grown cross-border payment structure.
This also explains the name of the project itself. According to the partnering central banks, Aber – the Arab word for “crossing boundaries” – encapsulates the project’s entire goal to reinforce and promote better cross-border payments and technological sharing.
In conclusion, Project Aber has been declared to have passed all obstacles. The people behind the project noted that the principal requirements for the trials were all exceedingly met. This includes the mitigation of economic risks and the complex decentralization and privacy necessities. As successful as the previous trials have been, the project is still admittedly on schedule for further tests, primarily revolving around policy research and DLT adoption.
The two noteworthy central banks note that Project Aber may include more partners all over the world while also adding in new settlement assets, such as bonds, shortly after.