{"id":1398,"date":"2018-02-15T16:21:09","date_gmt":"2018-02-15T16:21:09","guid":{"rendered":""},"modified":"2018-02-15T16:21:09","modified_gmt":"2018-02-15T16:21:09","slug":"saudi-arabias-central-bank-is-going-to-start-using-bitcoin-like-technology-in-international-transfers","status":"publish","type":"post","link":"https:\/\/lovin.co\/riyadh\/en\/news\/feature\/saudi-arabias-central-bank-is-going-to-start-using-bitcoin-like-technology-in-international-transfers\/","title":{"rendered":"Saudi Arabia\u2019s Central Bank Is Going To Start Using Bitcoin-Like Technology In International Transfers"},"content":{"rendered":"<div class=\"c-adunit c-adunit--mpu\">\n<div id=\"mpu\" class=\"c-adunit__container\"> <\/div>\n<\/div>\n<p>Cryptocurrency has revolutionized the way payments are being made across the globe. And, now Saudi Arabia\u2019s central bank has signed a deal with a company that deals in cryptocurrency to make use of its technology in international transfers.<\/p>\n<p>According to <a href=\"http:\/\/www.arabianbusiness.com\/banking-finance\/389967-saudi-arabian-monetary-authority-signs-deal-with-ripple\"><em>Arabian Business<\/em><\/a>, an agreement between Ripple and SAMA has been signed that will enable Saudi banks to make international payments using Ripple\u2019s blockchain technology.<\/p>\n<h3>Ripple\u2019s currency XRP is currently the 3rd largest cryptocurrency by market capitalization in the world.\u00a0<\/h3>\n<p>The company\u2019s technology is increasingly being used by banks and payment networks. In Saudi Arabia, Ripple is expected to implement its blockchain technology called xCurrent.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">A watershed event: <a href=\"https:\/\/twitter.com\/Ripple?ref_src=twsrc%5Etfw\">@Ripple<\/a> and <a href=\"https:\/\/twitter.com\/SAMA_GOV?ref_src=twsrc%5Etfw\">@SAMA_GOV<\/a> to help Saudi banks completely change how they send money across borders with instant <a href=\"https:\/\/twitter.com\/hashtag\/payments?src=hash&amp;ref_src=twsrc%5Etfw\">#payments<\/a>! <a href=\"https:\/\/twitter.com\/hashtag\/InfrastructureInnovation?src=hash&amp;ref_src=twsrc%5Etfw\">#InfrastructureInnovation<\/a> <a href=\"https:\/\/t.co\/GFphZss10I\">https:\/\/t.co\/GFphZss10I<\/a><\/p>\n<p>\u2014 Dilip Rao (@diliprao) <a href=\"https:\/\/twitter.com\/diliprao\/status\/963781187855683586?ref_src=twsrc%5Etfw\">February 14, 2018<\/a>\n<\/p><\/blockquote>\n<p>Speaking to Arabian Business, Dilip Rao, global head of infrastructure innovation at Ripple said: \u201cCentral 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.\u201d\u00a0<\/p>\n<h3>He adds \u201cSAMA is leading the charge as the first central bank to provide resources to domestic banks that want to enable instant payments using Ripple\u2019s innovative blockchain solution.\u201d<\/h3>\n<p>SAMA will be the 2<sup>nd<\/sup>\u00a0bank in the world to use blockchain technology. This technology will allow Saudi banks to make for faster, cheaper and more transparent global payments.<\/p>\n<div class=\"c-adunit c-adunit--mpu_mid\">\n<div id=\"mpu_mid\" class=\"c-adunit__container\"> <\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"Cryptocurrency has revolutionized the way payments are being made across the globe. And, now Saudi Arabia\u2019s 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 &hellip; ","protected":false},"author":402,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15,31],"tags":[],"acf":{"legacy_image":"https:\/\/cloud.lovinsaudi.com\/images\/_relatedEntryImage2x\/91791221_l.jpg?mtime=20180215161838","legacy_full_image":"https:\/\/cloud.lovinsaudi.com\/images\/_featuredImage\/91791221_l.jpg?mtime=20180215161838 880w","legacy_meta_tags":"<title>Saudi Arabia\u2019s Central Bank Is Going To Start Using Bitcoin-Like Technology In International Transfers - Lovin Saudi<\/title><meta name=\"description\" content=\"Cryptocurrency has revolutionized the way payments are being made across the globe. 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And, now Saudi Arabia\u2019s central bank has signed a deal with a company that deals in cryptocurrency to make use of its technology in international transfers.\n\">\n<meta name=\"twitter:url\" content=\"https:\/\/lovinsaudi.com\/news\/feature\/saudi-arabias-central-bank-is-going-to-start-using-bitcoin-like-technology-in-international-transfers\">\n<meta name=\"twitter:image\" content=\"https:\/\/cloud.lovinsaudi.com\/images\/91791221_l.jpg?mtime=20180215161838\">\n"},"image_feature":null,"author_name":"MohammedMirza","_links":{"self":[{"href":"https:\/\/lovin.co\/riyadh\/en\/wp-json\/wp\/v2\/posts\/1398"}],"collection":[{"href":"https:\/\/lovin.co\/riyadh\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lovin.co\/riyadh\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lovin.co\/riyadh\/en\/wp-json\/wp\/v2\/users\/402"}],"replies":[{"embeddable":true,"href":"https:\/\/lovin.co\/riyadh\/en\/wp-json\/wp\/v2\/comments?post=1398"}],"version-history":[{"count":0,"href":"https:\/\/lovin.co\/riyadh\/en\/wp-json\/wp\/v2\/posts\/1398\/revisions"}],"wp:attachment":[{"href":"https:\/\/lovin.co\/riyadh\/en\/wp-json\/wp\/v2\/media?parent=1398"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lovin.co\/riyadh\/en\/wp-json\/wp\/v2\/categories?post=1398"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lovin.co\/riyadh\/en\/wp-json\/wp\/v2\/tags?post=1398"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}