According to reports, the Saudi Arabian central banking has appointed Mohsen al Zahrani as its lead for digital assets and currency projects. Authorities in Saudi Arabia are now considering formal regulation of cryptocurrencies after the UAE emerged as the region's crypto hub.
Saudi Arabia's Changed Position on Crypto
According to reports, the Saudi Arabian central banking has appointed Mohsen al Zahrani as its head of virtual assets and digital currencies. According to the report, Al Zahrani's appointment signals that the country, which had banned cryptocurrency just four years ago, has changed its position.
This appointment comes at a moment when many Saudi residents are also adopting cryptocurrencies, much like their counterparts in the region. According to Bitcoin.com News, 54% of Saudi residents see cryptocurrency not only as an investment asset but also believe it should be used for currency. Another study also found that 14% of Saudi residents are current crypto traders, or have traded within the past six months.
The UAE Factor
A Bloomberg report, citing unnamed sources, said that authorities in Riyadh might have had to consider formal regulation of cryptocurrency by the United Arab Emirates (UAE) neighboring Saudi citizens.
The UAE is now the most popular destination for blockchain and crypto startups looking to expand their operations in the region. Several international cryptocurrency exchange platforms, such as Binance or FTX, have been granted licenses that allow them to operate within the country. The report suggests that such factors could have been a factor in the decision by Saudi authorities to regulate cryptocurrencies.
Al Zahrani was appointed, and sources in Bloomberg reported that Saudi Arabia has a team with unnamed global cryptocurrency firms to develop future crypto regulations.
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By: Terence Zimwara
Title: Report: Saudi Arabia’s Central Bank Hires Virtual Assets and Digital Currency Program Lead
Sourced From: news.bitcoin.com/report-saudi-arabias-central-bank-hires-virtual-assets-and-digital-currency-program-lead/
Published Date: Tue, 06 Sep 2022 10:30:35 +0000
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