Saudi Central Bank to provide liquidity to banks through blockchain technology

To increase the liquidity of banks, the main financial regulator of Saudi Arabia (SAMA) started to use blockchain technology.

Stimulating the economy

The budgets will be used to lend the real sector of the economy with the goal to recover it from the coronavirus pandemic. The Central Bank did not announce a specific amount, but last week it was 13.35 billion US dollars.

Experiments with Blockchain

Representatives of the Saudi Arabia Money Exchange Agency said that the introduction of blockchain technology is being carried out as part of a program to study and test new tools.

Arab world accepts blockchain

Recall, last year, the Central Bank of the UAE and SAMA signed an agreement to work on the Aber project - a common cryptocurrency that can be used for settlements between two states.

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