The Saudi Arabian Monetary Authority Announces the Adoption of Blockchain Technology to Place Liquid Funds in Local Banks

The Saudi Arabian Monetary Authority (SAMA) has announced its adoption of Blockchain technology to place liquid funds into local banks and administer its liquidity into Saudi Arabia’s economy. These funds have been placed with local banks as a part of SAMA’s measures to improve its ability to further be able to provide credit facilities. However, the exact amount of funding was not specified.

According to an official statement of SAMA, the use of Blockchain technology is aimed at exploring and experimenting emerging technologies and to keep in par with global trends of central banks in assessing the impacts of such technologies on the financial sector. In its announcement, SAMA also stated that it was one of the pioneer ce...