Saudi Arabia’s Central revealed that its using blockchain technology, to inject more liquidity into the country’s banks.
The Saudi Arabian Monetary Authority (SAMA) announced that the injection was intended to continue its initiatives and research with blockchain technology, thus increasing its ability to offer credit lines continually.
However the volume of liquidity was not released, the central bank last week suggested that 50 billion Saudi riyals, approximately $13.35 billion, were injected to allow banks to help the private market.
SAMA brags in the latest official post will be one of the first central banks in the world to try to use blockchain technology for money transfer. It says the move is one of the few that the institution uses to promote financial technology across Saudi Arabia.
SAMA partnered with the UAE central bank last year to start a crypto project. Named Aber, the project aimed to use crypto to help banks optimize their financial settlements through blockchain.
SAMA collaborated with Ripple in 2018 to create a network, through RippleNet, to allow quick and inexpensive payments. These moves aim to improve and support the use of blockchain technology in the finance industry.
SAMA ‘s decision is a perfect illustration of liberal state interest in the traditional banking category enforcing blockchain technologies.
The Bank of England, for example, is working with the European Central Bank and The Bank of Japan to investigate the attributes of digital currencies in central banks.
The use of CBDCs in transactions across borders is in the limelight on the agenda of the advisory group.
As well, the Australian central bank is testing an Ethereum-based Stablecoin as a payment instrument. Australia’s Royal Bank defines the resource as a ‘secure, permitted Ethereum network.’
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