News
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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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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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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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 currency plan.
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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.
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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 projects.
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Skepticism to crypto in Islamic countries is not a pure rejection, but a result of uncertainty, according to an Islamic finance expert.
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A large number of Gulf nations are embracing crypto with open arms as Ethereum explores partnership opportunities...
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Data Gumbo Corp. has raised $6 million from major energy companies, including the venture wing of Saudi Arabian national petroleum and natural gas company Saudi Aramco.
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The Ripple-powered technology will initially use Indian rupees, but the bank plans to add both more countries and currencies in the future.
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Saudi ATM provider Alhamrani Universal and blockchain firm ShoCard will jointly develop a new type of ATM combining blockchain and biometrics technologies.
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Six commercial UAE and Saudi Arabian banks have joined a digital currency project meant for cross-border interbank transactions.
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