The Central Bank of Saudi Arabia (SAMA) has appointed to manage its digital asset programs.
Saudi Arabia, one of the first countries to try central bank digital currencies (CBDC), is taking cautious steps in the crypto sector. SAMA is stepping up its pace in drafting more formal rules for the crypto industry after the neighboring United Arab Emirates has begun to develop as a global crypto hub.
Saudi Arabia Appointed For Cryptocurrency Development
The Central Bank of Saudi Arabia (SAMA) has appointed Mohsen AlZahrani as crypto chief to lead its digital asset programs.
According to the news in Bloomberg, AlZahrani, a former general manager at the consultancy company Accenture, stated that he reported to Ziad Al Yousef, vice president of development and technology at the Central Bank, and asked not to be disclosed because the issue is private. They said they are part of a team in Riyadh that deals with future arrangements with some of the world’s largest crypto companies.
Saudi Arabia is becoming a key market operating in the region as it has the largest economy in the Middle East. Binance Holdings Ltd. Some of the industry’s biggest players, including the United Kingdom, could take action, describing the kingdom as a large untapped market if current restrictions are relaxed.
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