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Initiatives of the Saudi Royal House in Blockchain Technology
Mohammed bin Salman, Crown Prince of Saudi Arabia, is leading important initiatives in the field of blockchain technology as part of the Vision 2030 strategy. Under his leadership, Saudi Arabia is making significant progress in adopting emerging technologies to transform its economy.
The Saudi Arabian Monetary Authority (SAMA), the central bank of the Kingdom, has been a pioneer in the region in implementing blockchain technology for monetary transfers. In June 2020, SAMA deployed this technology to deposit part of the liquidity package of 50 billion Saudi riyals (approximately 13.3 billion dollars) into the banking sector, demonstrating a real commitment to financial innovation.
Saudi Arabia continues to explore blockchain applications across various sectors, including finance and logistics. This commitment to emerging technologies aligns with the country's economic diversification goals and strengthens its position as one of the regional leaders in digital innovation. The Kingdom's focus on blockchain represents a significant evolution in its economic development strategy, showcasing a progressive vision towards future technologies.