Saudi Arabian Central Bank Hires Head of Cryptocurrency Program

Saudi Arabia plans to keep up with the United Arab Emirates when it comes to cryptocurrencies and is developing a program to regulate the industry.

The Central Bank of Saudi Arabia has found the head of the program of virtual assets and digital currency. The former managing director of consulting company Accenture Mohsen Al Zahrani will become them. The authorities of the country, which banned digital currencies more than four years ago, have changed their minds and are ready to work in this direction.

In 2018, the Saudi Arabian authorities banned banks from processing any transactions related to digital currencies, and companies had to find workarounds for trading. Formally, the restrictions remain to this day.

Until now, the country has been careful in everything related to virtual assets, the authorities have repeatedly pointed out the speculative nature of this asset class. However, active actions on the part of the United Arab Emirates, which aspire to become a global center for cryptocurrencies, prompted Riyadh to develop rules for the digital asset market.

Al Zahrani will report to the central bank’s deputy governor for development and technology, Ziad Al Yousef. They are reportedly part of a team in Riyadh that is collaborating with several of the world’s largest crypto companies to help develop future regulations for the industry.

Now Saudi Arabia is trying to push crypto companies to increase their presence in the region. This is part of Crown Prince Mohammed bin Salman’s plans to turn the country’s capital into a global financial center.

Earlier, the KuCoin cryptocurrency exchange published its study, in which it reported that about 14% of Saudi Arabian citizens invest in digital assets.