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The Saudi Arabian Monetary Authority (SAMA) — the central bank for the Kingdom of Saudi Arabia (KSA) — has signed an agreement with Ripple to help banks in the KSA improve their payments infrastructure using xCurrent.
This ground-breaking pilot program is the first of its kind to be launched by a central bank. Participating banks from the KSA will use xCurrent to instantly settle payments sent into and out of the country, with greater transparency and lower costs.
SAMA’s recent adoption of xCurrent, makes it the second central bank to use blockchain technology to revolutionize payments, following the Bank of England’s successful proof of concept with Ripple in 2017.
Ripple announced on their Twitter profile that Western Union is using xRapid which uses XRP in payment flows!
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Disclaimer – Thinking Crypto and Tony Edward are not financial or investment experts. You should do your own research on each cryptocurrency and make your own conclusions and decisions for investment. Invest at your own risk, only invest what you are willing to lose. This channel and its videos are just for educational purposes and NOT investment or financial advice.