Saudi Arabia is considering the use of blockchain technology within its government. However, an official said the kingdom can only succeed in building blockchain-based solutions if it hires people who are tech-savvy.
Saudi Arabia to institutionalize the use of cryptocurrency.
Report quotes government official as saying Saudi Arabia plans to act on blockchain adoption in the country. Additionally, the report notes that the kingdom also discussed the technology Web3 and how to use them.
According to the report, the prince bandar bin Abdullah Al Mishari, a senior government official and interior minister responsible for technology, said:
“There have been several conferences and webinars that have discussed the implementation of blockchain in government, but in my opinion, all these studies and regulations cannot create solutions on blockchain unless we have talented and innovative people in these entities in the development of solutions using the blockchain, Web3 and cryptocurrencies. »
The report further indicates that the government is also considering the use of cryptocurrencies. At the same time, approximately 50% of the country’s residents strongly support the adoption of digital currencies for payments. These residents reportedly cited the ease of cross-border remittances and the low cost of remittance transfers.
To discover: Russia plans to use the digital ruble for international settlements in 2023.
A $1 billion investment in blockchain technology
While the government’s decision is still unknown, the government invested billions of dollars in virtual worlds and blockchain technology in February to reduce its heavy reliance on oil. This includes an investment of $1 billion in NEOM Tech & Digitalwhich is named after the city of the future of the same name in Saudi Arabia.
If successful, Saudi Arabia will join other countries that have implemented blockchain technology. Some of them include Chile with its energy sector, the UK for social benefits and student loans, and the Georgia for land titles.
Bonus: Australian regulator APA has released a roadmap for crypto regulation that will come into effect by 2025.