The Saudi Arabian central bank has reportedly appointed Mohsen Al Zahrani as the lead of the bank’s virtual assets and digital currency project. The emergence of the United Arab Emirates (UAE) as the regional crypto hub is believed to have forced authorities in Saudi Arabia to consider formally regulating cryptocurrencies. Saudi Arabia’s Changing Position on Crypto According to a report , the Saudi Arabian central bank has selected Mohsen Al Zahrani to lead its virtual assets and digital currency program. The appointment of Al Zahrani, according to the report, signals that the country which banned cryptocurrencies just over four years ago has changed its stance. The appointment also comes at a time when Saudi residents, just like their peers in the region, are embracing cryptocurrencies. Further, as reported by Bitcoin.com News in April, a study found that 54% of Saudi residents not only saw cryptocurrency as an investment asset, but believed it should be used as currency. Simila
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