The Saudi Arabian Central Bank announced its first indirect investment in Bitcoin (BTC) by purchasing 25,656 shares in Strategy (formerly MicroStrategy), a company that holds 568,840 Bitcoins, valued at approximately $60 billion.
This move represents a strategic shift in the government's investment policy toward digital assets.
The Kingdom is following a similar approach to the Norwegian sovereign wealth fund, through indirect investments in crypto.
Saudi Arabia is the fastest-growing country in cryptocurrency adoption in the Middle East, with a 154% annual growth rate.
Despite this significant momentum, the Kingdom still lacks a regulatory framework for the cryptocurrency market.
Saudi youth, who constitute the majority of the population, are driving the acceleration of adoption of this technology.
The Kingdom has joined international initiatives such as mBridge to trade oil in central bank digital currencies.
Saudi Arabia is taking its first steps into the world of crypto, leveraging major companies to avoid direct risks while maintaining a gradual, measured approach in line with Vision 2030 and the aspirations of the younger generation.
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