Saudi's central bank noted that the early stages of the state-backed digital currency experiments would involve reviewing the legal implications of a potential launch and a brief foray into the technical aspects.
The Middle East looks forward to wider adoption of distributed ledger technology in global finance as it becomes the first region to use the system to fastrack transactions in the automobile industry.
Saudi Arabia is betting on a digital asset expert to spur the adoption of digital currency and, at the same time, transform the country into a digital assets and tech hub.
The U.K. national is detained in Saudi under the request of the U.S. government after they were identified as having partnered with Ethereum developer Virgil Griffith to organize a North Korea event.
Middle Eastern countries and their local firms are already proving that blockchain use in gov’t and enterprise applications is revolutionary. Who’s next?
Ahmed Yousif revealed that he has been in talks with government officials on how implementing blockchain can improve their countries, saying that Middle East is fast adapting to the technology.
The BSV Blockchain Seminar was held at the Wadi Makkah Incubator, with speakers sharing how the BSV blockchain could enable digital transformation initiatives within Makkah and in Saudi Arabia.
Dr. Basim Zafar, the chairman of Experts Vision Consulting, joined CoinGeek Backstage to talk about why he is backing the BSV blockchain to become the data ledger for the future of Saudi Arabia.
Jimmy Nguyen, founding president of the BSV blockchain’s association, announced that they have partnered with a Saudi firm to launch an incubator for blockchain startups, with a focus on the BSV blockchain.
Future, disruptive technologies were the main focus of LEAP, precisely why there was a BSV blockchain presence at the event, both in terms of speakers and attendance.
Saudi Arabia Monetary Authority has been active in CBDC research as it seeks to digitize payments, although it has no intention of completely curbing cash use.
Two of the largest economies in the Middle East have described a central bank digital currency as an improvement over the centralized payment systems.
