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Saudi Arabia’s banking regulator recently appointed Mohsen AlZahrani to lead its virtual assets and central bank digital currency program in a sign of the Gulf state’s potential crypto ambitions.
Saudi Arabia has until now taken a more cautious approach on virtual assets, with officials raising concerns about their speculative nature. Yet the emergence of the neighboring United Arab Emirates as a global crypto hub has created some urgency in Riyadh to draft more formal rules for the asset class, people familiar with the matter said.
AlZahrani, a former managing director at consultancy Accenture, reports to Ziad Al Yousef, the Central Bank’s deputy governor for development and technology, the people said, asking not to be identified because the matter is private. They’re part of a team in Riyadh that’s engaging with some of the world’s biggest crypto firms on future regulations, they said.
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...