The Central Bank of Saudi Arabia and Ripple Became Partners

The Saudi Arabian Monetary Authority (SAMA), which serves as the central bank of the country, began cooperating with Ripple. The regulator intends to test the xCurrent technology solution from Ripple, which promises to improve the payment infrastructure and enable the instantaneous implementation of cross-border transactions.

"This groundbreaking pilot program is the first of its kind to be launched by the Central Bank. Participating banks [in the Kingdom of Saudi Arabia] will use xCurrent for instant transfer of payments sent in and out of the country with greater transparency, and lower costs," said Ripple.

In turn, SAMA will advise the country's banking institutions on the use of the xCurrent technology in their activities. The Saudi Arabian Monetary Authority is the second regulator after the Bank of England, which launched a similar project in collaboration with Ripple. Also, it should be recalled that recently Western Union began to test payments based on a technological solution from Ripple.

Blockchain technology is becoming more common in the banking sphere. So far it is not known exactly how the Central Bank of Saudi Arabia will use Ripple. Perhaps it even develops its own innovative solution based on xCurrent.

by JustForex, 2018.02.16

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

Open Account

Get Free Analytics

* required fields
Last Articles
All Articles
Stop and Limit Orders in Forex
There are many gainful opportunities for traders in the forex market, but no one is immune to losses. That’s the reason why traders should employ an efficient trading strategy where both stop and limit orders go hand in hand with other essential aspects of the strategy.
Read more
Top 10 Successful Forex Traders in Indonesia
Due to the growing popularity of forex trading, it’s impossible to stay on the sidelines. What does it take to become one of those confident traders? Is forex trading for you? Find out more about the nature of this industry and have a look at the list of top Indonesian forex traders in 2021.
Read more
Guide to Forex Trading in Indonesia
What is forex trading? It’s freedom – due to the round-the-clock market operation in different parts of the world, hundreds of thousands of traders choose what’s best for them: time frame, asset, strategy, objectives, amount of a deposit, etc. There might be a lot of questions in the beginning of your trading journey, and this article aims to emphasize the essential aspects of this profession.
Read more