Home Altcoin Ripple Technology: SAMA Lends A Helping Hand

Ripple Technology: SAMA Lends A Helping Hand

The contract signed between SAMA; Saudi Arabian Monetary Authority, and Ripple has exceeded a year. However, SAMA’s Head of Innovation; Mohsen Al Zahrani recently confirmed the news.

This news is that KSA central bank will no longer be Utilizing Ripple technology. Instead, two local financial institutions will accept xCurrent. They will begin their services by March 2019.

Meanwhile, this news will basically help the community. This is because the Chief Marketing Strategist left the $49 billion startup. And so, news like this sends a positive yet powerful signal to the whole sphere.

According to the global head of infrastructure innovation; Dilip Rao, the Central banks are taking a step towards Blockchain technology. This is because they have recognized how Blockchain can change cross border payments.

This, however, results in decreased obstacles to commerce and trade for not just consumers but also corporates. SAMA is currently headlining this route as they are the first central bank to offer resources to regular banks.

These resources will allow swift payments via Ripple’s technological Blockchain solution.

An Actual Step In The Right Path

It is worth noting that SAMA will not be adopting the technology for clear reasons. This reason entails SAMA being the Central Bank of KSA. However, their only consumers are the Governor and of course regular banks.

Moreover, SAMA will support the Cryptocurrency project via aiding to educate and possibly motivate regular banks to utilize xCurrent.

xCurrent differs from SWIFT that functions in groups and basically not good for a constant and increased amount of transactions. For xCurrent, it is actually the opposite of SWIFT.

The xCurrent enables members to transfer increased amount and high value transactions swiftly with comparatively decreased fees.

A possible resolution is that one of the three boosted via the Ripple Inc enables cross border payment fully. It is executed with end-to-end monitoring abilities but it does not include XRP.

As a matter of fact, with an upgrade to the newest version, it enables the banks involved in the upgrade to merge XRP via xRapid.

Basically, SAMA is a governing entity that oversees every payment. This includes parents that are coming in or going out, a wide system of the ATM’s in the country, banks and also point of sales.

In 2018, Mohsen Al Zahrani stated that SAMA is not anti-digital. And so, they will experiment with distributing their very own computerized currency.

To Wrap It Up

Basically, the mere fact that there is an affirmative progression with the two banks and every single thing is on the right path; this is a positive light for Ripple.

However, if all the plans go in the right direction, the universal payment processor that is to provide speed, efficiency, and price cutting will have a stronghold in the whole of UAE and not just KSA.

This is because they are yielding to Islamic banking and monetary philosophies. It simply implies that they are one step ahead of all their competitions.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Must Read

Bitgo Plans to Launch Wrapped Bitcoin on the Tron Blockchain

Members of the crypto ecosystem will soon be able to leverage WBTC via the Tron (TRX) network. Just like the tokenized BTC created using Ethereum’s ERC20...

Ethereum’s Long Term Chart Is Extremely Simple To Read

The weekly Ethereum chart, as opposed to the daily chart, is simple and concise. There are 2 simple...

US Department of Transportation Says Blockchain Has Many Applications For Unmanned Aircraft Systems (Drones)

Blockchain technology could assist with adjusting and improving current technical challenges in the expanding business of commercial drone delivery, said the US...

Security tokens, blockchain settlement draw interest from institutions: MIT Bitcoin Expo panel

Amid growing competition between providers, institutions in the traditional finance space are looking at blockchain as another way to offer value to...

Networking 2.0 at Blockchain Life 2020

Make hundreds of connections at Blockchain Life 2020 The 5th Blockchain Life 2020 returns to Moscow on April 22-23 at the unique media...