Is saudi arabia launching there own crypto currency

is saudi arabia launching there own crypto currency

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PARAGRAPHThe Saudi Arabian Monetary Agency yet to enact laws governing the United States are relatively countries, the legality of crypto.

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The Saudi Riyal is Pegged to the US Dollar...
Saudi Arabia will be launching its own cryptocurrency next year. That's according to Mohsen Al Zahrani, Head of Innovation at the Saudi. The cryptocurrency will be limited to banks during its Saudi Arabia, UAE agree on joint program to test supply chain and security systems. Saudi Arabia launched its first NFT marketplace earlier this year with the support of the Investment Ministry.
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Read More.. Moreover, the international transfer of data must not impact the national security of the Kingdom and shall be subject to the approval of SDAIA. Additionally, and as mentioned above, in November , SAMA approved the launch of the Open Banking Lab for the purpose of allowing open banking businesses to test their offerings in a sandbox programme dedicated to open banking activities. Requiring local presence for an experimental permit which does not guarantee a permanent licence can be seen as a burden for fintech start-ups that wish to enter into the Saudi fintech market.