Education
Saudi Central Bank transfers funds over Blockchain to the Local Banks
The Saudi Arabian monetary authority (SAMA), central bank of the country, said it is depositing funds with local banks using blockchain technology.
The official statement issued by SAMA indicates that the funds are a component of the bank's initiative , which aims to increase the bank 's capacity to continue to play its role in providing the bank with credit facilities.
Implication of SAMA in technology blockchain
In the Middle East, blockchain technology is widely used in the financial sector. In terms of the usage of blockchain to transfer banks in Saudi and the United Arab Emirates, the SAMA has performed extremely well.
SAMA also worked in 2018 to create a digital currency for cross-border transactions between two countries in collaboration with the central bank of the United Arab Arab States.
The recent SAMA announcement reflects their recent transaction and active participation in a blockchain space:
"SAMA is a pioneer central bank to [blockchain] money-transfers technology experiment, one of SAMA 's major innovative initiatives to facilitate and develop Fintech within the Kingdom."
Financial Blockchain
In the use of technology in finance, increased participation by governments and central banks in the blockchain sector plays an important role.
Cointelegraph has today announced that the first foreign trade financing transaction has been completed by a major Turkish bank based on blockchain. Another report cited the use of distributed leadger technology by nearly 40% of Hong Kong-based fintech companies.
