Saudi Central Bank and Central Bank of the UAE Joint Digital Currency and Distributed Ledger Project

Project Aber

Saudi Central Bank and Central Bank of the U.A.E. Joint Digital

Currency and Distributed Ledger Project

The views expressed in this report are those of the authors and not necessarily the views of the Saudi Central Bank and Central Bank of the U.A.E.

This report cannot be used to present Saudi Central Bank and Central Bank of the U.A.E. viewpoint.

The report is also concerned with proving the technical feasibility of joint digital currencies only for Aber project scope. It is not a recommendation to any digital currencies.

Contents
Acknowledgements .........................................................................................	3
Foreword............................................................................................................	5
Executive Summary ........................................................................................	7
Introduction ....................................................................................................	11
Use Cases & Project Phases .......................................................................	15
Prior CBDC work .........................................................................................	19
Aber: Business Requirements ....................................................................	29
Key Design Principles .................................................................................	34
Technology Assessment ..............................................................................	38
Solution overview.........................................................................................	46
Aber Evaluation.............................................................................................	61
Observations & Learnings ..........................................................................	73
Conclusion and Future Work .....................................................................	84
References ......................................................................................................	91

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Acknowledgement

We would like to express our gratitude to the six participating commercial banks in the two countries, which came together to execute this project; and the various teams from each of our central banks. We also extend our gratitude to IBM our partner in success.

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Project Aber: Final Report

Project Aber Final Report

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