The data of KuCoina global cryptocurrency exchange, shows that around 3 million Saudis, or 14% of the adult population, are active cryptocurrency traders or have traded cryptocurrencies in the past 6 months ending September 2022.
Additionally, 54% of Saudis surveyed believe cryptocurrencies should be used as money as well as being an investment.
Considering the controversy surrounding cryptocurrencies a few years ago, especially regarding religious considerations, it shows that the Saudis are now more willing to embrace cryptocurrencies than ever.
Saudi Arabia plans to host a major technology event of national significance in support of Kingdom’s “Vision 2030” program.
LEAP will organize exhibitions on innovation in AI, blockchain and cryptocurrencies, robotics, 3D printing, IOT, 5G and much more. pic.twitter.com/XkwijbsOF5
– Tech Arabia (@TheTechArabiaa) 12 August 2020
In 2018, the country issued a blanket ban on all cryptocurrencies except NFTs which are not considered digital assets. However, as we have seen, this has not stopped the adoption of cryptocurrencies in Saudi Arabia.
And with pressure from the country’s neighbors embracing the technology, it may be time to include cryptocurrencies in the Saudi Vision initiative. 2030.
The place of cryptocurrencies in Saudi Vision 2030
As part of Crown Prince Mohammed bin Salman’s Vision 2030 initiative, one of the missions was to reduce cash transactions in the country.
By 2025, the goal is to increase the number of scriptural currency transactions to 70%, which Checkout.com’s Remo Giovanni Abbondandolo said the country is “on track” to achieve.
The change in attitude towards cryptocurrencies is already visible with the hiring of Mohsen AlZahrani, former CEO of the consulting firm Accenture, to lead the central bank’s project on virtual assets and CBDC.
Additionally, the country’s regulators are already in talks with some of the largest cryptocurrency companies to provide regulatory approval.
As cryptocurrencies continue to be used, especially by the younger generation under 30 who make up 70% of the population, they could become essential for the initiative. Country Vision 2030.