Bloomberg reported, citing sources within Saudi Arabia’s Central Bank, that a specialized official will soon be appointed to lead Saudi’s virtual assets as well as manage the crypto program (SAMA).
This, according to the report, fits into the country’s ambitions in the field of crypto and digital currencies. According to the article, Saudi Arabia has always been wary of virtual assets, but with the emergence of countries taking bold steps in this area, Riyadh has changed its tune. It now aspires to be a major player in tech, particularly in crypto and digital currencies. According to sources close to the situation, Saudi is developing more formal rules for the asset class in this context.
Mohsen Al-Zahrani, the former managing director of Accenture, a global management consulting and professional services firm that provides advisory, strategic, digital, and technology services, who has been based in Dublin, Ireland since 2009, is one of the candidates for this new position.
Moreover, Saudi has been pushing firms to increase their presence in Riyadh as part of Crown Prince Mohammed bin Salman’s plans to turn the capital city into a global hub.
