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Saudi Arabia transferred funds to banks using a blockchain Blocksats

The Central Bank of Saudi Arabia has just transferred funds to banks in the country via a blockchain.

Saudi Arabia and blockchain

IN official statement published by the authorities, it was stated that the transfer of funds was part of a central bank initiative to increase “The ability to continue its role in providing credit lines.” Unfortunately, the central bank itself did not provide the exact amount that was transferred to commercial banks via the block chain.

It is noteworthy that today in the Middle East a significant popularization of blockchain is observed. This applies especially to the use of new technology in the financial sector. In 2018, the central bank of Saudi Arabia cooperated, e.g. with the central bank of the United Arab Emirates, to develop a digital currency common for both institutions, which could be used to conclude cross-border transactions between the two countries.

The Bank of Saudi Arabia emphasizes that “Is one of the pioneering central banks that is experimenting with blockchain technology in the field of money transfers.” The authorities’ statement added that “This move [obecny transfer środków za pomocą blockchaina – przyp. Bitcoin.pl] is one of the key innovative initiatives launched by the central bank as part of its program enabling the development of the fintech market in the Kingdom. “

Blockchain in finance and more

The increased involvement of central governments and central banks in the blockchain sector plays an important role in the adoption of this technology in finance.

The media also today announced that İşbank, as the first bank in Turkey, joined the Corda R3 platform. Thus, it is becoming another bank in the world that will use blockchain technology as part of trade financing transactions.

Blockchain is also used in other areas. The city of Suzhou in China wants to start a pilot program on this technology. The new system would allow the use of real-time notary records tracking throughout the country. You can find more about this here.

In turn, Russia will apply a block chain during the elections. According information from the website Moscow government, Moscow residents will be able to vote in blockchain technology already in June.

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