Saudi Arabia Central Bank Contracted with Ripple

February 15, 2018

Saudi Arabian Monetary Authority exercising functions of the country’s central bank has entered into agreement with Ripple under which all country’s commercial banks will be able to make use of the company’s technologies for conducting payments on blockchain.

As Ripple members said, the trial program is the first one of that kind launched by the central bank. In the course of it Saudi Arabian banks may use xCurrent solution which allows for exercising instant payments both at home and abroad.

xCurrent provides for faster, cheaper and more transparent international transactions. The company has also added, the Central Bank will carry out consultations on the matters of using this technology for the commercial ones that would like to join the program .

Persian Gulf countries’ regulators have got taking a keen interest in financial technologies lately though being skeptical earlier. However, after one of the countries in this region, Bahrein, began considering digital currencies seriously other ones followed suit.

Last December at the Arab Monetary Fund meeting the governor of the United Arab Emirates Central Bank Mubarak Rashid Al Mansouri initiated launch of the pilot project on testing cryptocurrency for cross-boundary payments between the UAE and Saudi Arabia.

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