Crypto Expert to Lead Saudi Arabia's Central Bank Digital Assets Program | Crypto

Crypto Expert to Lead Saudi Arabia’s Central Bank Digital Assets Program

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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 states apparent aspirations in the field of digital currencies, as the Kingdom takes tentative moves toward adopting virtual assets.
-The growth of a global crypto center in the United Arab Emirates has spurred some urgency in its capital city of Riyadh to craft more official guidelines for the asset class, sources said.
-Al Zahrani and Al Yousef are members of a Riyadh-based team collaborating with some of the worlds largest cryptocurrency firms on future laws.
-Saudi Arabia is a major market for digital currencies due to its high level of crypto adoption and market penetration, indicating the regions growth potential.
-According to a survey done by the cryptocurrency exchange KuCoin, about 3 million Saudi Arabians have become virtual currency investors who, as of May this year, either possess or have traded bitcoin and related asset types over the prior six months.
-SAMA representatives did not reply to calls for comment, and that the Kingdom has been pressuring companies to grow their presence in the capital city as part of Crown Prince Mohammed bin Salmans plans to transform Riyadh into a global crypto destination.
-In July of this year, Dubai revealed its plans to become one of the worlds top 10 cities in the metaverse economy, creating 40,000 virtual employment and adding $4 billion to the citys economy over the next five years.
-In 2019, SAMA and the Central Bank of the United Arab Emirates jointly introduced the Aber digital currency. The cryptocurrency will be used for international transactions between the two countries and will be backed by their respective fiat currencies.
-Meanwhile, around 51% of Saudi investors viewed cryptocurrencies as the future of finance, while 44% said the asset class would offer greater long-term returns than traditional investment kinds.

Crypto 5 Crypto Expert to Lead Saudi Arabia's Central Bank Digital Assets Program

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