Saudi Arabia moves to tokenize its multi-billion dollar economy with droppRWA securing $12.5 billion in tokenization mandates
The post Saudi Arabia moves to tokenize its multi-billion dollar economy with droppRWA securing $12.5 billion in tokenization mandates appeared on BitcoinEthereumNews.com. DroppRWA has acquired $12.5 billion in mandates to bring real estate assets onto the blockchain, with plans to expand into the energy and manufacturing sectors. Chairman of the firm and architect behind Saudi Arabia’s national digital payments system, Faisal Monai, has led this acquisition, and the development is all part of an intense push by the Kingdom of Saudi Arabia to tokenize large portions of its economy under its “Vision 2030” timeline. Saudi’s tokenization leads exploits Faisal Monai is well known in Saudi Arabia, with a reputation that predates even Bitcoin. He designed SADAD, the Saudi Central Bank’s digital payments system, which was launched in 2004. The system replaced one that was dominated majorly by individual cash transfers, where roughly 70% of bill payments were made in person at physical branche