Sirlibz
The Saudi Arabian Monetary Authority (SEMA) has recently used blockchain technology to transfer funds to local banks. The Central Bank had done this as part of its action aimed at enhancing the sector’s capabilities to continue its role in providing credit facilities.
SEMA AND BLOCKCHAIN
SEMA describes itself as one of the pioneer Central banks to experiment with blockchain technology for money transfers, they have initiatives that are launched to help enable and develop FinTech in the country. Among this initiatives are : The Fintech Saudi Arabia initiative with the capital Market Authority, the introductory sandbox and an array of digital Banking services and payments.
Cointelegraph reported that in 2018, SEMA partnered with the UAEs Central banks to develop a cryptocurrency that can be used for cross-border payments.Â
Blockchain Adoption
Governments and banks are getting more and more interested in using blockchain technology in their financial sector is a large step into Mass-adoption.
If they can trust blockchain with their finances, they can utilize the technology in other sectors too.
