A proposed UAE-Saudi digital currency will be restricted to a few banks in each country for executing financial settlements between the two, the UAE Central Bank said on Tuesday. The currency project, called Aber, is part of a seven-point co-operation plan agreed upon during the meeting of the Executive Committee of the Saudi-Emirati Co-ordination Council earlier this month. “The use of the currency will be restricted to a limited number of banks in each state,” the central bank said. “In case that no technical obstacles are encountered, economic and legal requirements for future uses will be considered.”‏ Saudi-UAE cryptocurrency pilot could revolutionise cross-border payments The bank did not say when the project, to be based on Blockchain technology, will be launched.