Exactly, a year after Ripple signed an agreement with Saudi Arabia Monetary Authority(SAMA), the authority’s Head of innovation, Mohsen Al Zahrani, confirms that KSA Central Bank will not use the technology. But, the two local banks will adopt xCurrent community and stir their services by March 2019. A confirmation like this is positive, sending a strong signal to the community.
The 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. 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 not adopt the technology for a few obvious reasons. As it is the bank of KSA and the only consumers are the local and government banks. Also,…