The United Arab Emirates’ (UAE) central bank (UAECB) and the Saudi Arabian Monetary Authority (SAMA) have announced the launch of the co-developed digital currency “Aber” using the DLT — which will be strictly as a pilot between few specific banks in the two countries for now.

The neighboring Iran on the other hand is inching closer to issuing a CBDC (Central Bank digital currency) called the Crypto Ryal which would be backed by the national fiat currency. Dogged by U.S economic sanctions & cut off from the International Payment system, the virtual currency is anticipated to be announced on the Electronic Banking and Payment Systems conference starting today in Tehran.

On the Far East side, the Central bank of South Korea has concluded there is no urgent need to issue a CBDC but they would continue to research the concept in detail for future inclusion.

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