Saudi Arabia Exploring Possibility of Implementing Blockchain in Government
The Kingdom
of Saudi Arabia is looking into the possibility of implementing blockchain
technology across its government as well as allowing the use of
cryptocurrencies. An official said the kingdom can successfully build
blockchain-based solutions, by hiring
people who are talented and proficient in the technology.
A report quoting a government official has said Saudi Arabia is considering putting into action the use of cryptocurrencies in the kingdom as well as the adoption of blockchain technology. In addition, the report says the kingdom has also been discussing Web3 technologies and how they can be best utilised in the welfare and development of the people.
The official,
Prince Bandar Bin Abdullah Al Mishari, an assistant to the Minister of Interior
for technology, is nonetheless quoted in an Unlock Media report suggesting that
more needs to be done before Saudi Arabia can successfully build
blockchain-based solutions. He said:
“There have
been several meetings and webinars that have discussed the implementation of
blockchain in the government. However, in my opinion, all of these studies and
regulations cannot be used to create blockchain-based solutions. We have to
hire innovative and talented people within these entities who can develop
solutions utilising blockchain, Web3 and cryptocurrencies.”
In the
meantime, Al Mishari 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 regarding the use of
cryptocurrencies, a recent survey has suggested that more than half of the country’s
residents believe digital currencies should be used for payments. Bitcoin.com
News has reported that the residents have cited the ease of sending funds across
borders, and the low cost of moving funds as their primary reasons.
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