Fun

Report: Saudi Arabia’s Central Bank Hires Virtual Assets and Digital Currency Program Lead

News Feed - 2022-09-06 07:09:35

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

News Feed

Tom Blackstone4 hours agoAragon Association to dissolve, will disburse $155M in assets to tokenholdersThe governing body for the aragonOS DAO-creation tool will wind down, transferring its assets to tokenholders.3716 Tot
Tom Blackstone2 hours agoCurve emergency DAO terminates rewards for hack-related poolsThe Curve emergency DAO removed CRV rewards for alETH, msETH, pETH, crvCRVETH, Arbitrum Tricrypto and multiBTC pools.645 Total views6
Binance Acquires Licensed Japanese Crypto Exchange — Prepares to Enter Japan as Regulated Entity
Binance Acquires Licensed Japanese Crypto Exchange — Prepares to Enter Japan as Regulated Entity Cryptocurrency exchange Binance has acquired a regulated Japanese cryptocurrency
4 Best Meme Coins Poised for Explosive Gains After Solana Bridges Reach Record $10.1B Volume
Solana’s bridges have recorded insane volumes ($10B+) since 2021, but their performance over the last 3-4 months has been particularly breathtaking. Although the total volume
Wisdomtree: Crypto Is a New Asset Class That People Can’t Ignore
Wisdomtree: Crypto Is a New Asset Class That People Can"t Ignore An executive at Wisdomtree, an asset management firm with $78 billion under management, says that “Cryptocur
VC Roundup: Gaming investments surge 94% in Q124 as market rebounds
Ana Paula Pereira5 hours agoVC Roundup: Gaming investments surge 94% in Q124 as market reboundsThis edition of Cointelegraph’s VC Roundup highlights Tevaera, AVALON, Uncharted, Contango, and Movement Labs.430 Total vie
It’s Time to Build: Adshares Reveals Exciting New Road Map After Successful 2021
It’s Time to Build: Adshares Reveals Exciting New Road Map After Successful 2021 sponsored As one of the most trusted and best evaluated crypto advertising projects –Adshar
BTC price chart seen mirroring US spot Bitcoin ETF launch pattern
Ciaran Lyons4 hours agoBTC price chart seen mirroring US spot Bitcoin ETF launch patternBitcoin’s price chart looks similar to when spot Bitcoin ETFs were launched in the United States — suggesting a breakout soon, t
Vaneck CEO Predicts Bull Cycle for Bitcoin and Gold — Expects Fed Tightening to End Soon
Vaneck CEO Predicts Bull Cycle for Bitcoin and Gold — Expects Fed Tightening to End Soon The CEO of investment management firm Vaneck has predicted a bull cycle for gold and bitc
Solana Retests Bearish Breakout Zone – $65 Target Still In Play?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Ana Paula Pereira4 hours agoBitcoin core developer steps back from Lightning Network over "hard dilemma"Antoine Riard believes the Bitcoin community faces a "hard dilemma" as a new class of replacemen
6 Crypto Websites Blocked by Russia’s Media Watchdog, Including News Outlet
6 Crypto Websites Blocked by Russia’s Media Watchdog, Including News Outlet In what seems to be another episode in a long-running campaign, the Russian telecom regulator hasres