Central Bank of Kuwait uses Ripple for blockchain remittance service

Central Bank of Kuwait uses Ripple for blockchain remittance service
Dec 30, 2018 by Rico Wise

The original version of the product only supports payments to nearby Jordan, but they aim to implement their product in at least 15 other countries. As per the bank’s statement, this product will assist in the preservation of the National Bank’s dominating positions as the country’s prioritized means of payment.

Mainstream implementation of blockchain innovations comes at a pivotal point for Kuwait, which encountered its worst incomes in 2017, being far away all the way down from their peaks of the mid-90s–early 2000s. As per TradingEconomics, a website monitoring such data, 2017 accounted for the lowest income of Kuwait in many years.

Nevertheless, the enabling of international payments and implementation of modern tech is probably a good strategy to incentivize revenue-generating activities.

Kuwait is not the single MENA country to implement blockchain for important procedures. Dubai has become the pioneer in this respect, recently becoming a host for a conference devoted to different blockchain-focused startups and expressing intentions to become a leadership destination for initial coin offerings to conduct business operations. Saudi Arabia and the UAE are also purportedly working in an international payment solution.