The Saudi Arabian Monetary Agency (SAMA) signs cooperation agreement with Ripple

In a statement published on Al Arabiya News agency website on February 11^th 2018, the Saudi Arabian Monetary agency stated that it continuously strives towards innovation in the sector of electronic payments and encourages KSA banks to use the latest technologies in this sector.

Recently, SAMA signed a cooperation agreement along with several other local KSA banks with Ripple to use the international transfer’s solution. Of course, this did not entail using XRP Ripple’s cryptocurrency, but the agreement includes trialing international transfers among local KSA Banks, and other banks subscribed to Ripple’s service abroad.

In addition, SAMA has denied news that it bought shares in Ripple (XRP), the authority said in a statement seen by Argaam.

It is noted that Ripple has made no statements in this regard nor has it issued any press release.