Saudi Arabia’s Central Bank Appoints a Program Lead for Virtual Assets and Digital Currency

October 12, 2022

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Reports suggest that the Central Bank of Saudi Arabia has appointed Mohsen Al-Zahrani to head the bank’s virtual assets and digital currency program. The emergence of the United Arab Emirates (UAE) as a regional crypto hub has apparently prompted Saudi authorities to consider formal crypto regulation.  According to a statement, the Central Bank of Saudi Arabia has selected Mohsen Al-Zahrani as the head of the Virtual Asset and Digital Currency Program. According to reports, Al-Zahrani’s appointment is a sign that the country, which banned digital currencies four years ago, has changed its stance. The appointment comes at a time when Saudis, like their counterparts in the region, are embracing cryptocurrencies. Additionally, as reported by News in April, a survey found that 54 percent of Saudis not only consider cryptocurrency an investment asset, but believe it should be used as currency. Similarly, another study showed that 14 % of Saudi residents have been trading from current traders or over the past six months.

Bloomberg’s report, alluding to unknown evidence, may have been forced to regulate exactly the cryptography of the neighboring Arab (UAE) (UAE), in addition to the residents of Saud -Aarabia, in addition to the residents of Saudi -Arabia. The UAE has become a prime destination for crypto and blockchain startups looking to operate in the region. Several global cryptocurrency exchange platforms, such as Binance and FTX, have been licensed to operate in the country. According to the report, such factors may play a role in prompting Saudi authorities to consider formal regulation of digital currencies. In addition to Al-Zahrani’s appointment, sources cited in the Bloomberg report suggested that Saudi Arabia has a working group with unnamed global crypto companies to develop future crypto regulation.

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