Saudi Central Bank Gears Up For Crypto Adoption With New Chief
The Central Bank of Saudi Arabia has appointed Mohsen Al Zahrani as the new Chief at the Central Bank of the Middle Eastern country to lead the digital assets and central bank digital currency (CBDC) program.
Al Zahrani is a veteran in the field of finance and technology with 20 years of experience and was also a former managing director at consultancy Accenture.
The Central Bank of Saudi Arabia is gearing up for the adoption of crypto and has hired a new chief for the same. Mohsen Al Zahrani, a veteran in the field of finance and technology with 20 years of experience in developing, deploying, and managing technology and payment solutions, has been signed up as the new executive at the Central Bank of the Middle Eastern country.
According to a report from Bloomberg, Al Zahrani has been appointed to lead the Central Bank’s digital assets and central bank digital currency (CBDC) program which confirms that the Gulf state is planning to develop a crypto hub inside its boundaries.
Meanwhile, the US and other countries are sill not clear regarding their crypto policies and hence, are lagging behind in the crypto adoption race. On the other hand, Dubai seems to be among the economies that has adopted crypto at a rapid pace.
As pointed out in the report, the officials in Saudi Arabia are speculative of these blockchain-based assets and hence, are not willing to embark on a crypto journey easily. This is because the speculations surrounding cryptocurrencies and their volatility are a major bounder preventing the formation of a clear path to crypto adoption in the Middle Eastern country.
The emerge of crypto friendly laws and influx of crypto businesses following the laws in neighbour nation United Arab Emirates (UAE) might be one of the major reasons why the Central Bank of Saudi Arabia aims to create a CBDC and adopt cryptocurrencies.
Al Zahrani, a former managing director at consultancy Accenture, will report to Ziad Al Yousef, the deputy governor for development and technology at Saudi’s Central Bank. Accordig to people familiar with the matter that talked to Bloomberg, the officials are working with some of the biggest crypto firms in Riyadh, the capital of the Middle Eastern nation.
Crown Prince Mohammed bin Salman aims to turn the country into a crypto hub, claims the report and according to people with knowledge of the matter, this is a direct challenge issued to the Gulf’s business hub, Dubai.
Dubai recently introduced a crypto-friendly law and also set up the VARA or Virutal Assets Regulatory Authority that would deal with crypto regulation in the country.