Ripple launches pilot project with Saudi banks

297

The Ripple blockchain start-up and the Saudi Arabian Monetary Authority (SAMA), which serves as the central bank of this country, signed an agreement to launch a pilot program for the use of cryptocurrency for handling bank payments.

SAMA will become the second bank in the world, after Bank of England, launched a similar project last year that will use the xCurrent solution for instant international payments with increased transparency and reduced costs.

The pilot project will be attended by Saudi banks, whose employees SAMA will provide the opportunity to undergo appropriate training and assistance.