Saudi Arabia’s Central Bank assigned a lead for virtual assets and the digital currency program to bring its cryptocurrency goals into reality.
Related: Saudi Arabia won't give up cash after the initiation of the token
Previously, officials of the country expressed worries about the speculative nature of digital assets. According to Bloomberg, the head of the program is Mohsen AlZahrani, ex managing director at the global professional services company Accenture.
Saudi Arabia has been taking steps toward developing the crypto industry in the country. The largest crypto exchange Binance hired people for Saudi Arabia due to the growth potential.
The country’s new appointment shows the rising interest in crypto in the region. Lately, the United Arab Emirates's capital Abu Dhabi announced plans to release a strategy for blockchain and virtual assets according to the country's economic strategy.
The Abu Dhabi Blockchain and Virtual Assets Committee will work on the competitiveness in blockchain and virtual asset space, coordinate efforts, partner with regulators, promote compliance, etc.