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

 

According to a document, the Saudi Arabian principal bank has selected Mohsen Al Zahrani to steer its virtual property and digital currency program. The appointment of Al Zahrani, according to the file, indicators that the united states of america which banned cryptocurrencies simply over 4 years in the past has changed its stance.

The appointment also comes at a time when Saudi residents, much like their peers in the region, are embracing cryptocurrencies. Further, as stated by means of Bitcoin.Com News in April, a study found that fifty four% of Saudi residents now not most effective noticed cryptocurrency as an investment asset, but believed it need to be used as forex. Similarly, every other look at discovered that 14% of Saudi residents have been current crypto traders or that they'd traded within the previous six months.
The UAE Factor

Besides Saudi residents’ adoption of cryptocurrencies, a Bloomberg document citing unnamed assets stated authorities in Riyadh may additionally have been pressured to contemplate officially regulating cryptocurrencies by way of the neighboring United Arab Emirates (UAE).

The UAE has emerged because the leading destination for crypto and blockchain startups that need to perform within the region. Several worldwide cryptocurrency trade systems which include Binance and FTX have been granted licenses allowing them to perform in the united states. According to the file, such factors may additionally have performed a component in prompting Saudi authorities to bear in mind formally regulating cryptocurrencies.

In addition to Al Zahrani’s appointment, the resources cited inside the Bloomberg record suggested that Saudi Arabia has a crew running with unnamed international crypto companies concerning the development of future cryptocurrency rules.

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