Saudi Arabia’s central bank, known as SAMA, has appointed Mohsen AlZahrani to lead its virtual asset and digital currency initiatives as the kingdom moves forward to realize its underlying crypto ambitions.
Bloomberg cited the emergence of the United Arab Emirates as a global hub for cryptocurrencies as an urgent need to push Riyadh to develop more formal regulations for the asset class.
Bloomberg added that former Accenture CEO Al Zahrani will report to Ziad Al Yousef, the central bank’s deputy director for development and technology.
A representative for SAMA did not respond to a request for comment.
SAMA officials did not respond to requests for comment. Last July, a survey conducted by GoCoin Exchange found that 3 million Saudis, 14 percent of adults aged 18 to 60, are current crypto holders or have traded in the past six months to May 2022.
Another 17% of respondents were classified as “crypto curious” and will likely invest in crypto assets in the next six months, according to Forbes India.
Last February, a Lenovo regional executive told Arab News that very soon Saudi Arabia will be ranked globally rather than regionally in terms of technological advancement.
Alaa Bawab, General Manager Middle East and Africa, Lenovo Infrastructure Solutions Group, said the Kingdom’s Vision 2030 places a strong emphasis on digitization and leveraging technology.
Alla Bawab, General Manager of Lenovo Infrastructure Solutions Group for the Middle East and Africa, said that the Kingdom’s 2030 vision places a strong emphasis on digitization and the use of technology.
In an interview with LEAP, he cited the incident as an example of Saudi Arabia’s move to become more involved in technology initiatives.
