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Ripple (XRP) and Saudi Arabia’s Central Bank – The First Bank In The World To Use XRP

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Saudi Arabia’s Central Bank Will Be The First Central Bank In The World To Use Ripple (XRP)

Signing the partnership with Saudi central bank represents a very important step for Ripple (XRP) but also for the banking system of Saudi Arabia. Even more, Saudi central bank will be the first central bank in the world to use Ripple (XRP).

Ripple (XRP) price

At the moment of this writing, Ripple (XRP) is trading at $1.14 which is down by 3.69% in the last 24 hours.

Yesterday, Ripple (XRP) closed at $1.20, the coin’s highest closing price since January 29th.

What will Ripple (XRP) bring in for the Saudi banking system?

Ripple (XRP) is a blockchain especially designed for financial institutions and banks.

Ripple company is offering for banks and financial institutions secured, cheap, and instantaneous national and international transactions.

The Saudi central bank will work with Ripple’s xCurrent service. xCurrent has been specially designed for banks to transact money instantaneous and safe.

Now, the Saudi Arabia’s central bank will take advantage of the Ripple (XRP) xCurrent service and will have the opportunity to make instant transactions. Even more, it will train and offer support for the other Kingdom’s banks into creating the proper environment for Ripple (XRP) use.

What about the Saudi and UAE central banks own crypto coin?

Just a couple of months ago, in December, al-Mansouri, the UAE central bank’s governor, stated that UAE and Saudi Arabia central banks are working together for building their own cryptocurrency for faster cross-border transactions between the two countries.

Probably, the project fell, no one knows exactly. Or, the UAE central bank will also adopt Ripple (XRP).

Saudi Arabia’s central bank adopted Ripple (XRP) after discredited the Bitcoin (BTC)

Last year, Saudi central bank has warned that Bitcoin (BTC) trading should be stopped because the most valuable crypto coin of the world, BTC, is not part of the banking system and it can’t be regulated.

However, now, Saudi central bank signed a deal with Ripple (XRP) for faster and cheaper transactions.