Saudi Arabia’s Central Bank Is Going To Start Using Bitcoin-Like Technology In International Transfers

Cryptocurrency has revolutionized the way payments are being made across the globe. And, now Saudi Arabia’s central bank has signed a deal with a company that deals in cryptocurrency to make use of its technology in international transfers.

According to Arabian Business, an agreement between Ripple and SAMA has been signed that will enable Saudi banks to make international payments using Ripple’s blockchain technology.

Ripple’s currency XRP is currently the 3rd largest cryptocurrency by market capitalization in the world. 

The company’s technology is increasingly being used by banks and payment networks. In Saudi Arabia, Ripple is expected to implement its blockchain technology called xCurrent.

A watershed event: @Ripple and @SAMA_GOV to help Saudi banks completely change how they send money across borders with instant #payments! #InfrastructureInnovation https://t.co/GFphZss10I

— Dilip Rao (@diliprao) February 14, 2018

Speaking to Arabian Business, Dilip Rao, global head of infrastructure innovation at Ripple 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 and consumers.” 

He adds “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.”

SAMA will be the 2^nd bank in the world to use blockchain technology. This technology will allow Saudi banks to make for faster, cheaper and more transparent global payments.