Adoption of cryptocurrencies in the Middle East: Cryptocurrencies to be part of Saudi Arabia’s Vision 2030

Data from KuCoin, a global cryptocurrency exchange, shows that about 3 million Saudis, or 14% of the adult population, are active crypto traders or have traded crypto in the last 6 months ending September 2022.

In addition, 54% of Saudis surveyed believe that cryptocurrencies should be used as money as well as an investment.

Given the controversy surrounding cryptocurrencies a few years ago, especially regarding religious considerations, this shows that Saudis are now more willing than ever to embrace cryptocurrencies.

Saudi Arabia has planned to host a technology event of national importance that supports the Kingdom’s “Vision 2030” program.

LEAP will organize exhibitions around innovation in AI, blockchain and cryptocurrencies, robotics, 3D printing, IOT, 5G, and more. pic.twitter.com/XkwijbsOF5

– Tech Arabia (@TheTechArabiaa). Aug. 12, 2020

The 5 countries with the highest adoption of cryptocurrencies in 2022.

In 2018, the country issued a blanket ban on all cryptocurrencies, with the exception of NFTs, which are not considered digital assets. However, as we have seen, this has not prevented the adoption of cryptocurrencies in Saudi Arabia.

And with pressure from the country’s neighbors to adopt the technology, it may be time to include cryptocurrencies in the Saudi Vision 2030 initiative.

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 decrease cash transactions in the country.

By 2025, the goal is to increase the number of cashless transactions to 70%, something that Checkout.com’s Remo Giovanni Abbondandolo says the country is “well on track” to achieve.

The change in attitude towards cryptocurrencies is already visible with the hiring of Mohsen AlZahrani, former CEO of consulting firm Accenture, to head the central bank’s virtual assets and CBDC project.

In addition, the country’s regulators are already in talks with some of the largest cryptocurrency firms for regulatory approval.

As cryptocurrencies continue to be used, especially by the younger generations under the age of 30, who make up 70% of the population, they may become essential for the Country Vision 2030.