Saudi Arabia Takes Affirmative Action for Crypto Adoption

Saudi-Arabia-Takes-Affirmative-Action-for-Crypto-Adoption
  • The Kingdom of Saudi Arabia appointed its first cryptocurrency chief. 
  • Mohsen AlZahrani will lead the nation to its crypto goals.
  • Saudi Arabia will likely be a major competitor to crypto wall street — Dubai.

The Kingdom of Saudi Arabia has taken a huge step to making crypto adoption a more serious priority. In detail, Saudi Arabia’s central bank has just appointed a cryptocurrency chief. The nation’s goal is to advance its digital goals. 

In particular, Saudi Arabia appointed Mohsen AlZahrani to lead both its virtual assets as well as its central bank digital currency program. It is doing so to have the country pursue its crypto ambitions. 

So far, the kingdom had taken a more cautious role towards all things crypto. Now with the united front for crypto from other Middle Easterns countries, it seems Saudi Arabia is also stepping up to the plate. 

With greater adoption among the MENA region, Saudi Arabia has also come into action. They will begin by making a framework for crypto players to take part more confidently and securely. More regulation leads to more certainty for crypto users. 

The cities of Abu Dhabi and Dubai from the UAE have taken a very bullish approach to innovation with respect to blockchain and cryptocurrencies. Now, Saudi Arabia is also heading towards a more bullish approach. 

However, it will first start with developing a crypto policy for its people. According to a discussion on Bloomberg, this is a very good thing for crypto users everywhere. After all, this only boosts interest for the crypto industry. 

In addition, seeing any form of interest in regulators should be treated as inevitable. At the end of the day, crypto is here to stay, and they can only do so without friction if regulators are behind the technology. 

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