Saudi Arabia’s central bank starts transferring funds to local banks via blockchain

Saudi Central Bank begins transferring funds to local banks via blockchain

Saudi Arabia's central bank starts transferring funds to local banks via blockchain

Saudi Arabia’s Monetary Agency, the country’s central bank, has announced it has begun using blockchain technology to transfer funds to local banks..

In the official the announcement said that this initiative is part of a program for research and implementation of advanced technologies in the financial sector.

The Saudi Arabian Monetary Agency did not specify the volume of the transfer, but it is known that the transfer of 50 billion Saudi riyals (about $ 13.3 billion) to commercial banks was planned last week to support the private sector through credit resources.

This is not the first time that the central bank of the kingdom has used blockchain in its activities. Last year, Saudi Arabia partnered with the UAE to launch a joint digital currency project Aber to facilitate money transfers between countries..

text: Ivan Malichenko, photo: Reuters