Published on juli 18, 2024, 12:27 am
Image source: Fox News
```json [ "TLDR: Riyadh, Saudi Arabia is witnessing a growing interest in cryptocurrency despite unclear regulations. Approximately 14% of Saudis aged 18-60 own cryptocurrencies. The city shows potential for blockchain and crypto assets but faces challenges due to limited regulations. Riyadh aims to leverage blockchain technology in gaming to reduce oil dependency and establish itself as a Crypto City through strategic partnerships and digital innovation." ] ```
Riyadh, the capital city of Saudi Arabia nestled in the an-Nafud desert, has emerged as a vibrant urban center with a population of 7.82 million residents. Despite its historical significance and rapid modernization, Riyadh might not be the first place that springs to mind when thinking about cryptocurrency and gaming.
The status of cryptocurrency in Riyadh remains somewhat ambiguous – existing in a gray area without clear-cut regulations. Accessing and navigating the world of cryptocurrency within the city can be a challenging endeavor due to this uncertain legal landscape.
Research conducted by KuCoin indicates that approximately 14% of Saudis aged between 18 and 60 are involved in cryptocurrency ownership, showcasing a growing interest in this digital asset class. Morrad Irsane, the CEO of Takadao, which specializes in blockchain solutions for halal insurance, views this trend as a significant indicator of the city’s evolving financial landscape.
Despite limited clarity on crypto regulations, there is evidence of a burgeoning crypto culture within Riyadh. Residents have found ways to engage with cryptocurrencies despite the absence of explicit legal frameworks governing their use. Cryptocurrency ownership appears to be on an upward trajectory even amidst regulatory uncertainties.
The local banking sector exhibits cautiousness towards crypto activities, with stringent measures in place regarding transactions involving cryptocurrencies like Bitcoin and Ethereum. Peer-to-peer trading has become a prevalent method for conducting crypto transactions among residents due to obstacles faced with traditional banking channels.
While Saudi Arabia may not have taken definitive steps towards embracing blockchain technology and crypto assets like some other nations, it exhibits immense potential as an emerging player in these spheres. The partnership between Animoca Brands and King Abdulaziz City for Science and Technology underscores Riyadh’s commitment to fostering innovation within the blockchain and gaming sectors.
Furthermore, gaming has emerged as a key focus area for Saudi Arabia’s Vision 2030 diversification strategy aimed at reducing dependency on oil revenues. By leveraging blockchain technology within the gaming industry, Riyadh aims to position itself as a future hub for crypto-related innovations and industries.
As Riyadh continues its journey towards becoming a prominent player in the global cryptocurrency landscape, stakeholders envision a future where blockchain technology plays an integral role in shaping the city’s economic prospects. With strategic partnerships and initiatives focusing on digital innovation, Riyadh stands poised to make significant strides in establishing itself as a leading Crypto City within the region.
Original article posted by Fox News
