Report: Saudi Arabia’s Central Bank Hires Virtual Assets and Digital Currency...
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,....
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Crypto is playing an important role in the vast financial landscape of Saudi Arabia. Mohsen Al Zahrani, a former managing chief at Accenture, has been chosen by the Saudi Arabian Monetary Authority (SAMA) to spearhead its digital assets and central bank digital currency development. The appointment of Al Zahrani is indicative of the Gulf state’s apparent […]
Blockchain is among six emerging technologies that will be prioritized by the Kingdom of Saudi Arabia (KSA)’s IT decision makers in 2022 and beyond, according to a recent study. Effect of Covid-19 The government of Saudi Arabia’s IT decision makers have named blockchain as one of the six technologies they plan to prioritize in 2022 and beyond, a survey study has found. In addition, the study found that an overwhelming majority of the decision makers agreed that Covid-19 has accelerated Saudi Arabia’s digital transformation. According to a Datatechvibe report, which....
A blockchain-based tender bidding platform that was designed by female university students has been named the third-best entry in a Saudi Arabian women’s coding competition. The competition is said to be part of Princess Nourah bint Abdulrahman University’s broader goal of supporting and empowering women in Saudi Arabia’s technology sector. Empowering Women in Saudi Arabia’s Technology Sector A blockchain-based bidding platform created by female students at the Saudi Arabian learning institution Imam Abdulrahman bin Faisal University was recently recognized as one of the three....
Saudi’s biggest oil exporter denied claims of involvement in Bitcoin mining activities but continues to bet on blockchain-focused businesses. The Saudi Arabian Oil Company (Saudi Aramco) stirred interest among crypto enthusiasts last year after investing $5 million in blockchain-based oil trading company Vakt. While this move aimed to digitize and streamline post-trade processing, Saudi Aramco was also rumored to undertake Bitcoin (BTC) mining activities. However, Saudi Arabia’s state oil company released an official statement to dismiss the ongoing rumors around mining Bitcoin. It....
The European Central Bank (ECB) has published a report on virtual currencies that recognizes their dramatic growth in recent years and analyzes some of their dynamics and challenges. Titled "Virtual currency schemes - a further analysis," the 37-page report points out that virtual currencies have risks. However, it notes that currently, bitcoin is used for around 69,000 transactions per day worldwide, compared with a total of 274 million non-cash retail payment transactions per day for the European Union alone. The ECB's 2012 report on virtual currency examined the extent to which virtual....