Today the Saudi Arabia Monetary Authority (SAMA) said it used blockchain to transfer money to local banks. The funds were part of SAMA’s efforts to inject liquidity into the banking system – SAR 50 billion ($13.3 billion) was announced last week. The blockchain pilot represented only part of the liquidity injection.
Last week, SAMA was keen to say that its banking sector was performing well with an average capital adequacy ratio of 18.6%.
The statement said: “This action comes as a part of SAMA continues its efforts in exploring and experimenting with emerging technologies and keeping lead pace with the global trends of central banks in assessing the impacts of such technologies on the financial sector.”
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