Saudi central bank hires former Accenture executive to drive crypto ambitions
The Saudi Arabian Monetary Authority (SAMA), the central bank of Saudi Arabia, has announced the appointment of Mohsen Al Zahrani, former CEO of consultancy Accenture, will lead its digital assets and Central Bank Digital Currency program, according to coverage by Bloomberg reported on Sunday.
The appointment signals the Gulf state’s potential cryptocurrency ambitions.
According to the people familiar with the sources, Al Zahrani reports to Ziad Al Yousef, the central bank’s deputy head of development and technology, who asked to remain anonymous because the matter is private.
According to the report, Al Zahrani and Al Yousef are part of a team in Riyadh (the capital of Saudi Arabia) that is working with some of the world’s largest crypto companies on future regulations.
Saudi Arabia has recently taken a more cautious approach to digital assets, as officials raise concerns about their speculative nature.
The rise of neighboring United Arab Emirates (UAE) as a global cryptocurrency hub has created some pressure in Riyadh to draw up more formal rules for the asset class, according to people familiar with the matter.
Saudi Arabia has been pushing companies to increase their footprints in Riyadh as part of Crown Prince Mohammed bin Salman’s drive to turn the capital into a global hub.
Binance, among others, are some of the industry’s biggest players who have beefed up their staff in Saudi Arabia, identifying the kingdom as a huge untapped market if current restrictions on crypto trading are loosened.
In April 2018, SAMA banned Bitcoin and other cryptocurrencies, recognizing them as a disruptive factor in the traditional financial and banking system.
However, the government has recently appeared to have taken a supportive stance towards digital assets and blockchain technology. Although the Kingdom of Saudi Arabia has yet to issue any official regulations surrounding crypto.
In 2019, Saudi Arabia’s central bank and its counterpart in the United Arab Emirates (UAE) jointly announced a digital currency called Aber. The cryptocurrency was designed for cross-border payments between the two nations and backed by their respective fiat currencies.
According to a recent survey, reported by Blockchain.News, around three million Saudis have invested in crypto assets as of May 2022, representing 14% of the country’s adult population.
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