Saudi Arabia Exploring Possibility of Implementing Blockchain in Government

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Saudi Arabia Exploring Possibility of Implementing Blockchain in Government – Saudi Arabia is investigating the prospect of adopting blockchain technology across its administration and permitting the usage of cryptocurrencies. However, according to a government official, the kingdom can only successfully develop blockchain-based solutions if it hires people who are knowledgeable about the technology.

According to a report citing a government official, Saudi Arabia is considering implementing the usage of cryptocurrencies as well as the adoption of blockchain throughout the kingdom. The kingdom has also been examining Web3 technologies and how they could be used, according to the report.

Also Read: Robinhood Begins European Expansion, Acquiring Regulated UK-Based Crypto Firm Ziglu

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Despite this, Prince Bandar Bin Abdullah Al Mishari, an assistant to the Minister of Interior for technology, is cited in an Unlock Media report as noting that more effort is needed before Saudi Arabia can successfully develop blockchain-based solutions.

He stated:

“While there have been numerous webinars and meetings on blockchain’s application in government, all of these research and regulations, in my opinion, cannot develop blockchain solutions unless these institutions have inventive brilliant individuals who can generate solutions leveraging Web3, blockchain, and crypto currencies.”

In the meanwhile, Al Mishari has encouraged the kingdom to engage with organizations to develop a curriculum in Web3 and blockchain, and also hire blockchain experts.

Also Read: Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework

While the Saudi government has yet to decide on the usage of cryptocurrencies, a recent poll found that more than half of the country’s people feel they should be utilized for payments. Residents mention the ease of sending payments across borders as well as the low cost of moving funds as factors.

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