Saudi Arabia might just be the next government to implement blockchain technology and institutionalize the use of cryptocurrency.
The possibility of this development became apparent after a new report indicates that the country’s government is currently exploring the possibility of the move.
According to the report, a senior government official the country’s Minister of Interior for technology, Prince Bandar Bin Abdullah Al Mishari said that
There have been several meetings, webinars that have discussed the implementation of blockchain in government, yet in my opinion, all these studies, and regulations cannot build solutions on blockchain, unless we have innovative talented people within these entities who can develop solutions utilizing blockchain, Web3, and cryptocurrencies.
The report further indicated that the oil-rich kingdom was also considering the use and utilization of Web3 technologies.
Meanwhile, about 50% of the country’s residents strongly support the adoption of digital currencies for payments.
According to available information, these residents cite the ease of sending funds across borders as well as the low cost of moving funds as their reasons.
Saudi Arabia invests $1 billion in blockchain tech
While the decision of the government remains unknown, in February, the government, as part of efforts to reduce its high dependence on oil, invested billions in metaverse and blockchain technology.
This includes a $1 billion investment in the NEOM Tech & Digital Company, which is named after the eponymous futuristic city in Saudi Arabia.
This company, according to the official Saudi Press Agency, plans to launch its own metaverse, referring to the 3D digital world where users can interact with one another.
Saudi Arabia’s state-owned oil company Aramco will also invest $1 billion in its venture capital fund Prosperity7 Ventures.
If successful, Saudi will join other countries that have implemented blockchain technology. Some of them include Chile, for its Energy Department; the UK, for welfare payment and student loans and Georgia for land titles.