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Saudi Arabian Monetary Authority (SAMA), the central bank of the Kingdom of Saudi Arabia, has announced it used blockchain technology to inject liquidity into the banking sector, as part of SAMA's actions aimed at enhancing the sector's capabilities to continue its role in providing credit facilities.

The regulator has chosen blockchain as a part of exploring and experimenting emerging technologies, an official announcement states.

However, SAMA denied naming any of the financial institutions that took part in the liquidity-focused programme.

Saudi University to Launch the First Blockchain Lab in the Kingdom

In January 2019, the United Arab Emirates (UAE) and Saudi Arabia announced the launch of a pilot central cryptocurrency — to be used for cross border transactions between central and local banks of the two countries.

The national cryptocurrency was one of seven initiatives initiated by both countries and emerged as an experience to better understand the blockchain technology.

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