Saudi Arabia may implement blockchain technology throughout its administration, as well as legalize cryptocurrency use. An official, however, stated that the kingdom will only be able to successfully build blockchain-based solutions if it hires people who are skilled in this technology.
Saudi Arabia may implement blockchain technology throughout its administration, as well as legalize cryptocurrency use
Saudi Arabia is considering introducing the use of cryptocurrencies as well as blockchain in the kingdom. The kingdom has also explored Web3 technology and how it may be employed, according to the article.
Nonetheless, Prince Bandar Bin Abdullah Al Mishari, an assistant to the Minister of Interior for technology, is described in an Unlock Media piece as saying that more work is needed before Saudi Arabia can successfully construct blockchain-based solutions. He stated:
There have been several meetings and webinars on the implementation of blockchain in government, but in my opinion, all of these studies and regulations cannot build solutions on blockchain unless we have innovative and talented people within these entities who can develop solutions utilizing blockchain, Web3, and cryptocurrencies.
While the Saudi government has yet to rule on cryptocurrency use, a recent poll indicated that more than half of the country’s population believes digital currencies should be accepted as payment. According to Bitcoin.com News, the grounds for the inhabitants include the ease of making payments across borders as well as the low cost of moving funds.
According to the results of a Checkout.com poll, more than 54 percent of respondents in both the UAE and Saudi Arabia “believe that cryptocurrencies should be used as currency” rather than only as an “investment asset.” This amount is nine percentage points greater than the global average of 45 percent, according to survey statistics.
Despite the fact that nearly half (48 percent) of the 30,000 respondents expect to pay with cryptocurrency on a regular or occasional basis, there are still barriers that prevent digital currencies from becoming mainstream, especially in nations such as Saudi Arabia and the United Arab Emirates. According to the report, around 25 percent of respondents in Saudi Arabia and slightly more than 30% in the UAE believe “crypto is too hard to become mainstream.”
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