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The Kingdom of Saudi Arabia is considering adopting blockchain technology throughout its administration as well as legalizing the use of cryptocurrencies.
However, an official stated that the kingdom will only be able to successfully construct blockchain-based solutions if it hires people who are skilled in this technology.
Need for talented people
According to a government official, Saudi Arabia is considering introducing the use of cryptocurrencies as well as blockchain in the kingdom. The monarchy has also explored Web3 technology and how it may be employed, according to the article.
Nonetheless, one official, Prince Bandar Bin Abdullah Al Mishari, an adviser to the Minister of Interior for technology, is quoted in an Unlock Media story as noting that more effort is required before Saudi Arabia can successfully build blockchain-based solutions.
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He stated:
“There have been several meetings and webinars on the implementation of blockchain in government, but in my opinion, all of these studies and regulations cannot build solutions on blockchain unless we have innovative and talented people within these entities who can develop solutions utilizing blockchain, Web3, and cryptocurrencies.”
Meanwhile, Al Mishari asked the nation to “work with universities to develop a curriculum in blockchain and Web3,” in addition to hiring blockchain expertise.
While the Saudi government has yet to make a decision on cryptocurrency use, a recent poll indicated that more than half of the population believes that digital currencies should be used for payment.
The residents’ reasons, according to reports, include the ease of transmitting payments across borders and the low cost of moving funds.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
