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Monday, March 27, 2023

Saudi Arabia’s Central Bank Hires Virtual Assets and Digital Currency Program Lead

Saudi Arabia’s Central Bank Hires Virtual Assets and Digital Currency Program Lead – Mohsen Al Zahrani has reportedly been chosen by the Saudi Arabian central bank to oversee its virtual assets and digital currency initiative. The appointment of Al Zahrani, according to the article, shows that the country has changed its mind about its earlier ban on cryptocurrency.

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The appointment takes place at a time when Saudi citizens are embracing cryptocurrencies, just like their counterparts in the region. In addition, a study indicated that 54% of Saudi citizens agreed that cryptocurrency should be utilized as money as well as an investment asset, as reported in April. In a similar manner, another study discovered that 14% of Saudi citizens currently trade cryptocurrencies or had done so in the six months prior.

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A Bloomberg story citing anonymous sources claimed that in addition to the acceptance of cryptocurrencies by Saudi citizens, the United Arab Emirates, may have led Riyadh authorities to consider explicitly regulating cryptocurrencies.

The UAE has become the top location for blockchain and cryptocurrency firms looking to operate in the area. A number of international cryptocurrency exchange platforms, including Binance and FTX, have been given licenses to operate in the country. The report claims that these elements might have contributed to Saudi officials’ decision to think about formally regulating cryptocurrency.

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Saudi Arabia’s Central Bank Hires Virtual Assets and Digital Currency Program Lead – A team from Saudi Arabia is reportedly collaborating with unnamed international crypto corporations on the creation of future cryptocurrency legislation, in addition to Al Zahrani’s appointment, according to the sources mentioned in the Bloomberg report.

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