Central Bank Of Saudi Arabia Uses Blockchain To Impel Liquidity Into Local Banks

The Kingdom of Saudi Arabia has officially declared that it is making use of blockchain technology in the nation’s local banks. By using blockchain technology, the Central Bank of Saudi Arabia has injected more liquidity into the nation’s banks.

The Saudi Arabian Monetary Authority divulged that the injection was to further its efforts and trialing of the blockchain technology, thereby growing its capacity to incessantly offer credit services.

In a new official announcement, Saudi Arabian Monetary Authority claims that it is one of the world’s primary central banks to implement blockchain technology for fund transfers. It further mentions that the primary motive behind the move is to boost adoption of financial technology throughout the nation.

In 2018, Saudi Arabian Monetary Authority united with Ripple to develop a platform that enables quick and inexpensive payments, using RippleNet. These moves are focused toward enhancing and supporting the usage of blockchain tech in the finance domain.