Saudi Arabia has been looking at blockchain technology and allowing cryptocurrency use. A kingdom official explained that it can only create blockchain-based solutions successfully if its people are experts in the technology.
Employing Talented People is a Need of the Government
A government official said that Saudi Arabia was considering using cryptocurrencies and blockchain in its kingdom. The report also states that the kingdom is currently discussing Web3 technology and their potential use.
Unlock Media reports that Prince Bandar Bin Abdullah Al Mishari (a ministerial assistant for technology) is quoted, indicating that Saudi Arabia needs more work to build Blockchain-based solutions. He claimed:
Many meetings and webinars have taken place to discuss the use of blockchain in government. However, I believe that regulations and studies cannot create solutions for blockchain unless there are innovative and talented individuals within those entities capable of developing solutions using Web3 or crypto currency.
Al Mishari, in the meantime, suggested the kingdom needs to not only hire blockchain experts but must “work with universities to develop [a] curriculum in blockchain and Web3.”
While the Saudi government has yet to make a decision concerning the use of cryptocurrencies, a recent survey suggested more than half of the country’s residents believe digital currencies should be used for payments. Bitcoin.com News stated that many residents believe digital currencies should be used for payments because of the convenience of moving money across countries and the lower cost.
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