A Saudi-based development bank subsidiary will develop various blockchain products for the Islamic banking sector.
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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