SAMA denies buying shares in Ripple

The Saudi Arabian Monetary Authority (SAMA), the kingdom's central bank, has denied news that it bought shares in Ripple (XRP), the authority said in a statement seen by Argaam.

Ripple, the company, currently owns 60 percent of cryptocurency token, XRP. SAMA said it went into an agreement with Ripple, along with a number of local banks, to use Ripple's external transformer technology, which will allow the banks to reduce the cost of remittances and speed up payments between countries. 

The Saudi central bank added that several foreign banks operating in the Kingdom are also involved in the agreement, which only entails the exchange of technlogical expertise. 

SAMA in the past had warned Saudis to avoid buying or using cryptocurrencies, as they are not approved or accepted inside the Kingdom.