Report: Saudi Arabia"s Central Bank Hires Virtual Assets and Digital Currency Program Lead
The Saudi Arabian central bank has reportedly appointed Mohsen Al Zahrani as the lead of the bank’s virtual assets and digital currency project. The emergence of the United Arab Emirates (UAE) as the regional crypto hub is believed to have forced authorities in Saudi Arabia to consider formally regulating cryptocurrencies. Saudi Arabia’s Changing Position on Crypto
According to a report, the Saudi Arabian central bank has selected Mohsen Al Zahrani to lead its virtual assets and digital currency program. The appointment of Al Zahrani, according to the report, signals that the country which banned cryptocurrencies just over four years ago has changed its stance.
The appointment also comes at a time when Saudi residents, just like their peers in the region, are embracing cryptocurrencies. Further, as reported by Bitcoin.com News in April, a study found that 54% of Saudi residents not only saw cryptocurrency as an investment asset, but believed it should be used as currency. Similarly, another study found that 14% of Saudi residents were current crypto traders or that they had traded in the previous six months.
The UAE Factor
Besides Saudi residents’ adoption of cryptocurrencies, a Bloomberg report citing unnamed sources said authorities in Riyadh may have been forced to contemplate formally regulating cryptocurrencies by the neighboring United Arab Emirates (UAE).
The UAE has emerged as the leading destination for crypto and blockchain startups that want to operate in the region. Several global cryptocurrency exchange platforms such as Binance and FTX have been granted licenses allowing them to operate in the country. According to the report, such factors may have played a part in prompting Saudi authorities to consider formally regulating cryptocurrencies.
In addition to Al Zahrani’s appointment, the sources cited in the Bloomberg report suggested that Saudi Arabia has a team working with unnamed global crypto firms regarding the development of future cryptocurrency regulations. Tags in this story Binance, crypto exchange, Cryptocurrency, Currency, Digital Currency, investment asset, Mohsen Al Zahrani, Saudi Arabia crypto, virtual assets
What are your thoughts on this story? Let us know what you think in the comments section below. Terence Zimwara
Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route. IMF: Crypto Assets Become More Mainstream as Hedges Against Weak Currencies, Potential Payment Instruments REGULATION | 21 hours ago What New UK Prime Minister Liz Truss Says About Cryptocurrencies REGULATION | 23 hours ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleMeta & Qualcomm to Develop Metaverse Geared Silicon to Be Used in Next Gen Headsets Next articleEtherMail Offers a Lifeline to Web3 Projects Stranded by MailChimp Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItOman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework
Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)"s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days Today"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether