Jump to content

Saudi/UAE Digital Currency Goes Live in Q1


Recommended Posts

  • Replies 63
  • Created
  • Last Reply

Top Posters In This Topic

Top Posters In This Topic

Popular Posts

https://www.digfingroup.com/sama/   Boom   Mohsen Al Zahrani, head of innovation at Saudi Arabian Monetary Authority (SAMA), says the central bank’s cross-border blockchain project

Everyone has been trained to doubt everything thanks to the bear market. This is incredible news, being totally undervalued by the community, wait until this spreads.   

So the answer is simple and it has been covered before. The creation of a digital asset by a central bank will still require and intermediary asset if they want to convert to another currency, fiat or

Posted Images

My jets are boiling over. Dilip, what have you done!

Quote

“For us, it’s more about efficiency,” he said. Given the centralized nature of Saudi national payments, there was no use case at home, but cross-border transactions presented a different opportunity, as they currently involve a lot of friction. The project involves using a token to settle transactions between Saudi riyal and Emerati dirham.

 

Edited by mandelbaum
Link to post
Share on other sites
7 minutes ago, Yodaxrp said:

Confused actually and not so sure XRP will be the bridge. We have two Fiat and a saudi CB crypto, where's exactly XRP's role?

You could be right, but liquidity is the main friction point they are trying to solve in the existing system with crossborder payments. There is a chance of the XRP-ledger being involved, but caution is probaby wise.

 

 

Edited by mandelbaum
Link to post
Share on other sites
1 minute ago, Yodaxrp said:

Confused actually and not so sure XRP will be the bridge. We have two Fiat and a saudi CB crypto, where's exactly XRP's role?

 

4 minutes ago, Cesar1810 said:

 

I also do not see where xrp benefits here! Could someone clarify? sorry. Thank you

XRP’s purpose is to be a bridge between different currencies. Whether that be fiat to fiat or CB crypto to fiat. So each country doesn’t have to hold the others currency...yes? So XRP will facilitate that. 

Unless of course they’re using xCurrent here...but then the rails will be laid for later on for XRapid. Still a win in my book. 

Link to post
Share on other sites
3 minutes ago, legomaracas said:

XRP’s purpose is to be a bridge between different currencies. Whether that be fiat to fiat or CB crypto to fiat. So each country doesn’t have to hold the others currency...yes? So XRP will facilitate that. 

Unless of course they’re using xCurrent here...but then the rails will be laid for later on for XRapid. Still a win in my book. 

i would have thought this is the exact use case for xrapid

20 minutes ago, mandelbaum said:
 

“For us, it’s more about efficiency,” he said. Given the centralized nature of Saudi national payments, there was no use case at home, but cross-border transactions presented a different opportunity, as they currently involve a lot of friction. The project involves using a token to settle transactions between Saudi riyal and Emerati dirham

 

Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.