Saudi Arabia is investigating the prospect of adopting blockchain technology throughout its administration and permitting the usage of cryptos. Nevertheless, according to a government official, the country can only start developing blockchain-based services if it employs people knowledgeable about the technology.
The State Must Employ Talented People
According to a report citing a government official, Saudi Arabia is planning to implement the usage of cryptos and the implementation of blockchain throughout the country. According to the article, the country was also exploring Web3 developments and how they can be used.
Despite this, Prince Bandar Bin Abdullah Al Mishari is reported in an Unlock News piece saying that more work is needed before Saudi Arabia can efficiently construct blockchain-based services. He stated that all this research and laws can’t produce blockchain technology services until we have individuals in power who are inventive and smart enough to generate solutions based on blockchain technology, Web3, and cryptos. Meanwhile, Al Mishari urged that the country not just employ blockchain professionals but also collaborate with colleges to build a blockchain technology and Web3 program.
Survey to Determine if Cryptos Should Be a Payment Option
Although the Saudi government has been unable to decide on the usage of cryptos, a recent poll found that over 50% of the Saudi Arabians feel they should be utilized for payments. Locals prefer it since it’s simple to transfer money across borders and because it’s so cheap.
Including locations like the United Arab Emirates and Saudi Arabia, where over 50% of the 30K participants stated that they anticipate using cryptocurrency daily or irregularly, there remain some barriers stopping cryptos from gaining popularity. For example, based on the report, roughly 25% of participants in Saudi Arabia and more than 30% in the United Arab Emirates felt cryptocurrency is too hard to get mainstream.
Spain, Australia, Italy, France, and the United Kingdom are a part of the other nations that over 30% of participants say cryptocurrency is difficult. Another crucial impediment concerning mainstreaming of secretly distributed cryptocurrencies in Saudi Arabia and the UAE is customers’ view of cryptos as unsafe.
Based on the findings, just more than 30% of Saudi Arabian participants and more than 30% of United Arab Emirates participants feel that cryptocurrency is too hazardous. For context, more than 40% of Singapore and Hong Kong participants concurred that cryptos could never become mainstream since they’re too hazardous. The research also mentions the gender disparity and the achievement gap as major roadblocks.