Urgent: Saudi Arabia storms the world of digital assets with this decision By Investing.com


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Investing.com – It appears that the Kingdom of Saudi Arabia, which has launched into many new economic fields and sectors with the aim of creating more economic diversification for the Kingdom, is about to break into the virtual assets sector.

According to a report published by Bloomberg Agency and carried by local newspapers and media, Saudi Arabia has chosen to appoint a new head of virtual assets to bolster the kingdom’s digital ambitions.

According to the news, Mohsen Al-Zahrani, a former managing director at the consultancy Accenture, was chosen to lead the kingdom’s virtual assets and central bank digital currency program.

The agency said that Saudi Arabia’s banking regulator recently appointed Mohsen Al-Zahrani to lead its virtual assets and central bank digital currency program in reference to its crypto ambitions.

It is noteworthy that the Kingdom has taken cautious steps to deal with virtual assets, but the global acceleration in exploring growth opportunities in this sector and the tendency of many central banks to issue digital currencies has created a state of urgency for the Kingdom’s entry into this sector.

According to the news, Al-Zahrani, the former managing director of the consulting firm Accenture, will follow Ziad Al-Youssef, the deputy governor of the Central Bank for Development and Technology.

The Kingdom is pushing to increase its presence as part of Crown Prince Mohammed bin Salman’s plans to transform Riyadh into a global center, within the framework of achieving the Kingdom’s Vision 2030.

It is reported that in 2018, Riyadh prevented banks from processing transactions that involve trading, although there are solutions for trading.

common digital currency

The Saudi Central Bank and the Emirates Bank had announced the launch of a project called Aber in 2020, regarding the launch of a common digital currency.

The project comes as an innovative initiative that is one of the first global experiments at the level of central banks in this field, as they are working on issuing a common digital currency.

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