Bloomberg reported that Saudi Arabia’s central bank had appointed Mohsen AlZahrani, a former managing director at Accenture, to head its virtual assets and central bank digital currency (CBDC) initiative. Saudi Arabia Seeks Formal Law According to unnamed sources cited by Bloomberg, Saudi Arabia is seeking formal laws for the asset class despite worries about its speculative nature. The United Arab Emirates strives to become a worldwide hub for cryptocurrencies. As per the news, AlZahrani reported to Ziad Bander Alyousef, deputy governor of innovation and technology Saudi Central Bank, that they are discussing legislation with some of the biggest crypto companies with staff in Riyadh. Saudi Arabia’s Crypto Potential According to the article, Binance Holdings Ltd. has engaged staff for Saudi Arabia because it sees potential in the country if present limitations are lifted. Due to “their negative implications and huge risks on the traders as they are out of government oversight,” cryptocurrency trading is prohibited in Saudi Arabia, according to the country’s regulatory authorities, which made this clear in 2018. In the meantime, the Emirati state of Dubai declared in July that it intended to rank among the top ten cities worldwide in the metaverse economy, adding 40,000 virtual jobs and US$4 billion to the local economy over five years. It has already been approved for cryptocurrency businesses like Binance, FTX, Crypto.com, an...
