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DreXRP

Saudi/UAE Digital Currency Goes Live in Q1

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

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“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

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7 minutes ago, DreXRP said:

The project involves launching a crypto-currency backed by the Saudi central bank

I thought that XRP was the only digital asset that can use xRapid

Edited by Dario_o

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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

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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. 

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12 minutes ago, DreXRP said:

@Dario_o

You can also use BTC via xRapid, but it doesn't make sense

DSuKqkuU8AAIGMl.jpeg

 

I thought you could only use xrp on xRapid.

But you could use btc on the ILP or any other DA. Except xrp is the cheapest fastest etc. So it should naturally default to xrp anyway. 

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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

 

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