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 Kingdom of Saudi Arabia is looking into the possibility of implementing blockchain technology across its government as well as allowing the use of cryptocurrencies. However, an official said the kingdom can only successfully build blockchain-based solutions if it hires people that are proficient in this technology.
Government Needs to Hire Talented Individuals
Saudi Arabia is considering putting into action the use of cryptocurrencies in the kingdom as well as the adoption of blockchain, a report quoting a government official has said. In addition, the report says the....