Has Ripple Made its First TV Ad?
The financial house in Kuwait (KFH) recently conducted its first and successful international blockchain transaction with Al Raijhi Bank in Saudi Arabia through its testnet by utilizing Ripple-tech. This transaction marks the first of its kind to be conducted by a bank in Kuwait and was such an achievement for the country that KFH then promptly decided to announce the new achievement through an ad on T.V.
In light of the successful transaction, the advertisement was displayed on televisions throughout the country, highlighting the increased and efficient security that the technology provided and is currently awaiting the central bank’s approval. Coming as no surprise, a handful of Ripple advocates were quickly looking to be involved in the latest development.
A Reddit user also provided English commentary for the advertisement. However, one user stated that the House was not using Ripple tokens, stating that the new achievement by the KFH was only a technical development.
The country’s laws, formally non-religious in nature, will most likely not play a part in the greater adoption and regulations placed on cryptocurrencies. The current developments being made in crypto are more so spread within the Gulf and will probably mostly rely on positive interpretations as part of Sharia or Islamic law in terms of greater acceptance and adoption.
Kuwait’s latest development, the international transaction, coincides with Saudi Arabia as the kingdom has also announced that cryptocurrencies and their related exchange platforms are now deemed as illegal. This is mainly due to the fact that both do not fully comply within the scope of the country’s traditional regulatory monitoring.
At this point, Stellar is the only company to see it’s cryptocurrency, the XLM, be certified by Sharia Law through Bahrain’s central bank as the first Sharia-compliant and legal cryptocurrency in the country.