Saudi Arabian Monetary Agency (SAMA) said in a statement to Al Arabiya that it continues its continued support for innovation in the field of digital payments by encouraging local banks to use the latest technologies and methods in this field.
The company recently signed an agreement with Ripple in cooperation with a number of local banks to use the company's foreign remittance technology, a new technology that contributes to speeding up payments between countries and reducing their cost. A number of local banks will participate in the initial experience of this technology
The agreement or project does not include the company's digital currency (XRP) or the purchase of shares in it as it is traded in some locations, but 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.
In this context, the Saudi Arabian Monetary Agency (SAMA) is reiterating its warning that the so-called virtual currency is not an approved currency within the Kingdom, and that currency trading through the Internet is outside the regulatory umbrella in Saudi Arabia.