Saudi Arabia's central bank steps into the "blockchain world":
Saudi Arabian Monetary Authority (SAMA) — the central bank for the Kingdom of Saudi Arabia (KSA)— is making an important step in testing new technologies in the financial industry. It has signed an agreement with the American company Ripple, which will provide payment solutions made using blockchain technology.
The pilot program is the first of its kind launched by a central authority, allowing banks in Saudi Arabia to use Ripple's software to make instant payments across the country and abroad.
Ripple representatives said that the central bank would provide consultancy to financial system players interested in participating in this program, which will help them make cross-border transactions cheaper, faster and more transparent.
Dilip Rao, Ripple’s global head of infrastructure innovation, said:
- “Central banks around the world are leaning into Blockchain technology in recognition of how it can transform cross-border payments, resulting in lower barriers to trade and commerce for both corporates [sic] and consumers.”
Rao added:
- “SAMA is leading the charge as the first central bank to provide resources to domestic banks that want to enable instant payments using Ripple’s innovative blockchain solution.”
In the past, several regulators in the region have been skeptical about fintech solutions, and in 2017 the central bank has warned citizens about bitcoin transactions.
- The central bank of Saudi Arabia is working together with the United Arab Emirates to launch a digital currency to be accepted in cross-border transactions between the two countries.
Ripple has partnerships with over 100 financial institutions, and their digital currency has a value of $ 1.13, being up to now more than 39 billion units, with totaling value 44.1 billion dollars.
This may be one of the most important news in the last weeks for the ripple holders(like me).
- Good luck guys! I would say let's fly to the moon..but hell no, let's go to another galaxy (cuz that's what ripple will bring us..a revolution of monetary system)
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