Saudi Central Bank begins transferring funds to local banks via blockchain

The Saudi Arabia Monetary Authority, the country's central bank, said it has begun using blockchain technology to transfer funds to local banks.

The official announcement said that this initiative is part of a program to research and implement advanced technologies in the financial sector.

Saudi Arabia Monetary Agencydid not specify the volume of the perfect transfer, but it is known that last week it was planned to transfer 50 billion Saudi riyals (about $ 13.3 billion) to commercial banks to support the private sector at the expense of credit resources.

This is not the first time that the central bankkingdoms uses blockchain in their activities. Last year, Saudi Arabia, together with the UAE, launched a joint digital currency project, Aber, to facilitate money transfers between countries.

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