Saudi Arabia’s Central Bank hires leader for cryptocurrency and CBDC program

Saudi Arabia’s Central Bank, the main banking regulator, has appointed a new leader, Mohsen AlZahrani to overlook the cryptocurrency and Central Bank Digital Currency (CBDC) program.

AlZahrani will be leading the Gulf country to fulfill its crypto goals. For the past few months, the Saudi government has been pushing officials to highlight crypto and blockchain firms in the country.

Saudi Arabia wants to lead in the race of becoming the hub of innovation and technology under the rule of Crown Prince Mohammed bin Salman.

The country has been hesitating to expand its business in the virtual asset industry. In fact, it had banned crypto transactions on banks since 2018.

Seeing Dubai making fast changes and developments has motivated the government to enter the market. Saudi Arabia sees UAE as a competitor and is also collaborating to launch a digital currency.

With the new leader leading the banking program and virtual assets, officials believe they can bring crypto firms and the massive blockchain industry within the country.

AlZahrani is a former managing director at consultancy Accenture and no information or personal statement has been issued from him as he wants to keep the matters private as of now.

According to Bloomberg, AlZahrani is part of a team in Riyadh that is working with different crypto firms to establish future regulations.

Many firms already have Saudi teams working within the country such as Binance and the government is making an effort to make them known.

Following the appointment of a leader in the Central Bank, the crypto restrictions might also loosen up after some time, and the government might establish regulatory rules for firms as well.