- Saudi Central Bank maintains cautious crypto stance.
- No legal status change or BTC investment.
- Focus on blockchain and CBDC efforts.
The Saudi Central Bank (SAMA) does not recognize Bitcoin as legal tender, nor has it initiated any major adoption efforts. Current policies reflect a focus on blockchain technology and regional collaborations like the CBDC Project Aber with the UAE.
The lack of significant leadership advocating for Bitcoin is clear, with no major Saudi figures endorsing a “full send” approach. Official statements emphasize blockchain potential without including public cryptocurrencies like Bitcoin.
Cryptocurrency trading remains unregulated in Saudi Arabia, and no institutional investments in Bitcoin have been made. The focus remains on regulatory caution and potential blockchain benefits.
Saudi policymakers and academics advocate a coordinated GCC strategy rather than unilateral actions. The absence of government-led Bitcoin activities aligns with this cautious regulatory stance.
Insights suggest that the ongoing focus on their CBDC initiative and blockchain technology reflects a strategy prioritizing regional cooperation over independent cryptocurrency actions. This cautious approach aligns with broader governmental and financial priorities.
Ihsan Buhulaiga, Former Saudi Shura Council Member, said, “Saudi Arabia and other countries (in the region) need to think about the rapid developments in this type of currency. They need a roadmap in this respect.”
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