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KSA final stages of stable cryptocurrency project out in mid-2019

KSA final stages of stable cryptocurrency project out in mid-2019

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In a recent news report on Saudi Arabia News Agency on November 20th in Arabic, Sultan Bin Abdul-Aziz Science and technology Center, subsidiary of King Fahad University for Petroleum and Mineral Studies, organized the first Future Blockchain Applications Forum. During the forum the discussions centered on how the blockchain technology could be implemented across five KSA governmental entities as part of the Kingdom’s digitization strategy. One of the topics was the use of Blockchain for more secure transactions especially in financial and legal sectors.

Hisham Saleh Bin Abbas, Advisor at the KSA Ministry of IT and telecom, and one of the speakers at the upcoming UNLOCK Blockchain forum in Dubai www.unlock-bc.com/events/UNLOCK/2019 stated, “ the blockchain technology is considered as one of the five most influential technologies today, and in terms of investment is consider number three after Artificial intelligence and IOT. The technology as a distributed ledger allows more secure transactions and investments in blockchain globally will reach $11.7 billion by 2021.” Mr. Bin Abbas added, “The Ministry of telecom and IT in KSA is setting up a strategy that will allow nascent technologies including blockchain to have a positive impact on GDP (Gross Domestic Production)

In addition Mr. Mohsen Ali AlZahrani, Vice President of Strategy and Excellence, SAMA ( Saudi Arabian Monetary Agency), Saudi Pay and also one of the speakers at the upcoming UNLOCK Blockchain forum, stated, “SAMA is looking closely at Blockchain as it is still maturing and many public and private institutions are looking into use cases. This is a promising technology both in terms of security as well as more peer to peer transactions without the need for middlemen.” He added, “SAMA is working with the UAE Central Bank to create a stable cryptocurrency pegged to the Central Bank currency and will be used between Saudi and UAE Banks. We expect that this cryptocurrency project will be in its final phases by mid-2019 and SAMA will then study how feasible it will be to continue and expand on it."

AlZahrani added, “SAMA launched a proof of concept in early 2018 with Ripple and the application will be launched soon with a couple of local banks for international remittances and transfers as it is quick and safe.

Finally Assistant Professor for Computer and technology at King Fahad University, Fatima Bothman discussed the importance of blockchain and how the UAE has implemented it governmental entities in and in KSA how it is being implemented in financial sector, telecom, and customs.

Source in Arabic

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