Saudi Arabian Central Bank Hires Head of Cryptocurrency Program

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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 foundHead of the Virtual Assets and Digital Currency Program. It will be the former managing director of the consulting company Accenture Mohsen Al Zahrani. The country's authorities, who banned digital currencies more than four years ago, have changed their minds and are ready to work in this direction.

In 2018, Saudi Arabian authorities bannedbanks have to process any transactions involving digital currencies, and companies have had to find workarounds for trading. Formally, restrictions remain in place to this day.

Until now, the country has been careful in everything thatRegarding virtual assets, authorities have repeatedly pointed out the speculative nature of this asset class. However, proactive efforts by the United Arab Emirates, which aims to become a global cryptocurrency hub, have prompted Riyadh to develop rules for the digital asset market.

Al Zahrani will report to DeputyCentral Bank Governor for Development and Technology Ziad Al Yousef. They are reportedly part of a team in Riyadh that is working with several of the world's largest cryptocurrency companies to help develop future regulations for the industry.

Now Saudi Arabia is trying to pushcrypto companies to increase their presence in the region. It is part of Crown Prince Mohammed bin Salman's plans to transform the country's capital into a global financial center.

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