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.
The Islamic Development Bank’s research organization has partnered with Blocko to build a blockchain credit management system.
Samsung-Backed Blocko to Build Blockchain-Based Credit System for Arab Bank
The Saudi Arabian Monetary Authority has transferred funds to local banks using blockchain technology.
Central Bank of Saudi Arabia Transfers Funds to Local Banks Over Blockchain
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...
Oil Giant Saudi Aramco Buys Into Blockchain Trading Platform Vakt
Saudi Crown Prince Mohammed bin Salman arrived in the United Arab Emirates for an official visit yesterday to discuss joint policy measures, including a digital...
Saudi-UAE Leaders Confirm Forthcoming Jointly-Issued Digital Currency
A fintech company based out of Dubai has entered into a strategic partnership with R3, as it develops a Corda-based platform for Islamic securities.
Fintech Firm Partners With R3 to Develop Shariah-Compliant Market Platform
Saudi Arabia’s Finance Ministry has warned against crypto tricksters using the kingdom’s official emblem to promote tokens that purport to be tied to government...
Saudi Arabia Warns of Crypto Scammers Posing as Gov’t Projects
Skepticism to crypto in Islamic countries is not a pure rejection, but a result of uncertainty, according to an Islamic finance expert.
Islamic Finance Expert: ‘Halal Coin’ a Matter of Time and Awareness