Saudi Arabia is to present its own Cryptocurrency in 2019, with a name not yet unveiled, in order to ensure that the new Cryptocurrency operates in the interbank payment service, even at international level.
The confirmation of the Saudi Cryptocurrency was made by Mohsen Al Zahrani, director of the Innovation Sector (SPARC) of the Monetary Authority (SAMA), which is an organization that controls the financial sector of the country. In addition, Mubarak Rashed al-Mansouri, governor of the Central Bank of Saudi Arabia, said that this Cryptocurrency was ready.
The new Cryptocurrency will comply with all international and national regulations and will function as a means of exchange (MoE) for access to the stock exchange, as well as financial services.
Saudi Cryptocurrency for international payments
One of the main advantages of the Saudi Cryptocurrency will be that, through it, international payments will be completed more quickly and without reliance on the SWIFT system. Saudi Arabia fears that, as SWIFT has politicized, as has recently happened with Iran, its economy can be jeopardized by a possible scenario of sanctions by European countries.
The launching of the state Cryptocurrency in Saudi Arabia contrasts with a scenario in which the most widely used Cryptocurrencies in the world (from Bitcoin to Ethereum) are banned in the kingdom, from a decree that illegalized them under the pretext of protecting investors.
While Saudi Arabia maintains this controversial decree, neighboring countries, such as Dubai and United Arab Emirates, keeps trying to strengthen their position as blockchain development centres.
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