Saudi Arabia uses Ripple for foreign remittance techniques

Ripple in cooperation with a number of local banks to use the company’s foreign remittance technology, a modern technology that helps speed up payments between countries and reduce their cost.

In response to Mal’s inquiries, the Corporation said it continues to support the innovation in digital payments by encouraging local banks to use the latest technologies and methods in this field.

Sama said that a number of local banks will participate in the initial experience of this technology with Ripple, noting that the agreement or project did not include the company’s digital currency (XRP) or buy shares, denying what is traded in some sites in this regard, Pointing out that the project is limited to the experience of transfers between local banks and some banks involved in service in other countries to accelerate these transboundary transfers.

SAMA concluded its statement to MAL by renewing the Saudi Arabian Monetary Agency (SAMA) warning and confirming that the so-called Virtual Currency is not an approved currency within the Kingdom. And that the circulation of currencies through the Internet is located outside the umbrella of control in Saudi Arabia

Original article:

http://www.maaal.com/archives/20180210/103099