Back in December of 2017, we got news that the Central Bank of the UAE is undertaking a joint project with Saudi Arabian Monetary Authority (Sama) to use block-chain technology in order to issue a digital currency accepted in cross-border transactions between the two countries.
We fast forward a little over a year later and we have news that the trail has officially been launched between the two. This is massive news as this deal has kinda gone quiet since first being announced in 2017.
First reported on Twitter by @bankxrp
The Saudi Arabian Monetary Authority (SAMA) and the Central Bank of the UAE jointly announced Tuesday that the project is aimed to facilitate blockchain-based financial settlements between the two countries. https://t.co/GrXURDV3BD
— 𝗕𝗮𝗻𝗸 𝑿𝑹𝑷 (@BankXRP) February 2, 2019
As 2018 came to an end we got news that UAE Exchange and U.S. startup Ripple plans to launch cross-border remittances to Asia via blockchain by the first quarter of 2019. The Saudi Arabian Monetary Authority (Sama) is a subcontinent of Asia. Do you see where we are going?
So as we piece this together this is what we got:
-2017 we got news that the UAE and SAMA will use blockchain technology to issue a digital currency in cross border transactions
-Powered by Ripple
-UAE is a Ripple partner and will leverage Ripple’s blockchain to send cross border remittances to Asia
-Saudi Arabian Monetary Authority is a subcontinent of Asia
-2018 UAE and SAMA officially announced they will use blockchain to settle money between the two countries
There it is folks! 2019 is going to be one hell of a ride!