Saudi Arabia Appoints New Crypto Chief to Advance Its Digital Goals

• The Kingdom’s virtual assets programme will be overseen by Mohsen AlZahrani.
• Riyadh banned banks from conducting cryptocurrency transactions in 2018.

In a sign of the Gulf nation’s prospective interest in cryptocurrencies, Saudi Arabia’s banking regulator recently named Mohsen AlZahrani to head its virtual assets and central bank digital currency initiative. 

Officials in Saudi Arabia have expressed concerns about the speculative nature of virtual assets, leading to a more cautious stance up to this point. It has become more urgent in Riyadh to adopt more official laws for the asset class, though, as the neighboring United Arab Emirates has become a global hub for cryptocurrencies.

Ziad Al Yousef, the deputy governor for development and technology at the Central Bank, stated to AlZahrani, a former managing director at the consulting firm Accenture :

They’re part of a team in Riyadh that’s engaging with some of the world’s biggest crypto firms on future regulations.

Saudi Arabia Encouraging Companies

The Kingdom has been pressuring businesses to boost their presence in the capital city as part of Crown Prince Mohammed bin Salman’s plans to develop Riyadh into a global hub, according to Bloomberg, which also noted that representatives for SAMA didn’t reply to calls for comment.

Bloomberg reported that the Kingdom has been encouraging companies to increase their presence in the capital city as part of Crown Prince Mohammed bin Salman’s plans to turn Riyadh into a major international hub. SAMA spokespeople did not respond to requests for comment. 

Riyadh banned banks from conducting cryptocurrency transactions in 2018, yet there are still ways to trade. Local financial institutions have reaffirmed the limits in correspondence with clients in recent months.