The blockchain industry still faces some skepticism in Saudi Arabia, but the capital city hosts an optimistic, dedicated crypto scene.
While crypto may still operate in a gray space in Saudi Arabia, the country's talent pool and burgeoning gaming sector holds promise for Web.In the center of the an-Nafud desert rises Riyadh, Arabic for “the meadows,” the third most populous city in the Middle East. But it’s likely not the first place that comes to mind when you think about crypto and gaming.that 14% of Saudis between 18 and 60 own crypto.
He points to recent market volatility, speculating that “no government would be as bold as El Salvador” and risk promoting an investment that might cause citizens to lose money.Despite this, “20%–30% of my classmates own or trade crypto,” a local finance student tells Magazine. He attended the Outer Edge Riyadh forum in April, where Magazine was present. He works at Alinma Bank, which offers financial services that are compliant with Sharia law.
Considering the difficulty of combining crypto with banking and thus fiat transfers, there is no readily identifiable culture of buying or selling things or services for crypto — instead, the focus is on holding and trading. Though the word “cryptocurrency” was largely avoided at the event, Siu’s message seemed clear: Saudi Arabia may not have made definitive moves in the realm of blockchain and crypto, but it is a sleeping giant in terms of wealth, population and influence, and can set the tone of the industry for the entire region.
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