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  • Analysis: Is Saudi Arabia changing approach to cryptocurrencies?

    The Saudi Central Bank (SAMA), which also acts as the kingdom’s national banking regulator, recently appointed Mohsen AlZahrani to lead its virtual assets and central bank digital currency program. This hire potentially indicates a change in the country’s approach to cryptocurrencies, which regulators there have tended to treat with suspicion. In 2018, SAMA warned against trading in virtual currencies because of their “negative consequences and [the] high risks on the traders as they are out of government supervision.” The central bank emphasized that cryptocurrencies, including bitcoin, “are not approved as official currencies in the kingdom and no parties or individuals are licensed for such practices by regulators in the kingdom.” The regulators further noted that Saudi citizens should not pursue the “illusion” of crypto-related “get-rich schemes.”

  • Study: 77% of Saudis Aware of Cryptocurrencies, Only 18% Currently Buying and Selling

    According to the findings of a Yougov survey, about 77% of Saudi Arabian residents are aware of cryptocurrencies, which suggests that the asset class “has generated a fair amount of awareness.” The study data, on the other hand, shows that only 18% of those surveyed confirmed they are buying and selling cryptocurrencies. As shown in the study data, while younger Saudis are currently dominating crypto trading in the kingdom, the findings show that older Saudis also “plan to deal in it.”

  • Pakistanis own $20bn in cryptocurrencies, more than federal reserves: Report

    Cryptocurrencies and property remained top-performing assets in Pakistan this year, with the country recording about $20 billion in cryptocurrency value in 2021, an amount in excess of current federal reserves, according to new research studies.

  • US Treasury Department Says Cryptocurrencies Could Undermine Sanctions

    The agency issued the warning after a six-month review of U.S. sanction programs and recommended the agency itself improve communication with financial institutions and others that touch on the crypto sector.

  • Cryptocurrencies
    From Qatar to Palestine: How Cryptocurrencies Are Regulated in the Middle East

    the Middle East at large has proven to be a difficult region for virtual currencies, as a large chunk of countries there have banned crypto trading.

  • Cryptocurrencies
    Saudi Regulators Warn Against Trading Cryptocurrencies, Citing ‘High Market Risks’

    Though Saudi Arabia does not recognize cryptocurrencies, the country has embraced the benefits of distributed ledger technology in various fields.

  • Cryptocurrencies
    Cryptocurrencies for Muslims backed by gold are popping up

    In the Islamic faith, it’s believed that economic activity should be based on real, physical assets, not speculation; observant Muslims also do not invest in banking products that offer returns via interest payments.