Analysis
The kingdom is currently diversifying its economy away from oil and turning to new opportunities, such as gaming and Web3.
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Saudi Arabia News
The Kingdom of Saudi Arabia is a western Asian Islamic country with an area of a little more than two million square kilometers and a population of 33 million people. Saudi Arabia has a petroleum-based command economy that produces one of the largest GDPs in the world, steadily being in the top-20 countries in terms of GDP. Bitcoin is legal is Saudi Arabia. One can exchange and buy Bitcoin in Saudi Arabia. However, the financial authorities of Saudi Arabia issued a warning on Bitcoin trading and offer no protections for cryptocurrency-related losses. There are ATMs for Bitcoin in Saudi Arabia and maintained Bitcoin exchanges. The government of the country is currently liberalizing its political and economic structure, making Saudi Arabia more welcoming for foreign investments and emerging startups. The highly profitable economy may become a solid foundation for future technological development.
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The Saudi Central Bank warned in 2019 that Bitcoin is “not recognized by legal entities” but hasn’t made many statements on crypto since.
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In a partnership ceremony at the Leap 2023 conference in Saudi Arabia, The Sandbox entered into an MOU with the government of Saudi Arabia for future metaverse development.
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Saudi Arabia’s central bank stressed that no decision has been made to launch a CBDC, but it will continue to research use cases.
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The price of soccer fan tokens, designed for fan engagement, is seemingly impacted by the on-field performance of teams.
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In an interview with Cointelegraph, the hereditary prince nuanced his views on Bitcoin adoption in the Middle East and shed light on Bitcoin in Serbia.
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Saudi Arabia is a significant market for digital currencies with the country's favorable regulatory climate, large consumer base and increasing interest in cryptocurrencies, a new KuCoin survey says.
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The BSV Association and SDA will collaborate in providing training and developing resources through the blockchain academy in Riyadh
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The event saw friendly boxing matches between prominent crypto Twitter entrepreneurs, with RookieXBT taking the WBC Crypto Champion belt.
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Saudi’s biggest oil exporter denied claims of involvement in Bitcoin mining activities but continues to bet on blockchain-focused businesses.
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Bahrain-based crypto exchange CoinMENA acquired a major license ahead of its launch in several countries including the UAE and Saudi Arabia.
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The joint report is among the most promising CBDC studies conducted by central bank authorities
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The Islamic Development Bank’s research organization has partnered with Blocko to build a blockchain credit management system.
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The Saudi Arabian Monetary Authority has transferred funds to local banks using blockchain technology.
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Saudi Aramco has joined the already sizeable list of oil companies partnered with Vakt, the provider of a blockchain-based trading settlement platform for North Sea oil.
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