Saudi Economist Suggests Countries Regulate Bitcoin Payments**
Saudi economist Ihsan Buhulaiga has recommended that countries in the region create a regulatory framework for crypto, as the region needs a coordinated approach to the growing use of digital assets as a means of payment.
Despite Saudi Arabia’s firm stance on cryptocurrency transactions, other Gulf countries, such as the United Arab Emirates (UAE), have introduced regulatory measures to regulate the use of digital assets.
“Saudi Arabia and other countries in the region need to think about the rapid development of this type of currency. They need a roadmap in this regard,” Buhulaiga said.
He also urged the GCC countries, which include Saudi Arabia, the UAE, Kuwait, Qatar, Bahrain and Oman, to collaborate on the development of digital assets by highlighting the differences in policies across the region.
“What one GCC country doesn’t allow can be done in another. If I can’t invest in digital assets in Saudi Arabia, I will take my money and go to the UAE or Bahrain,” he added.
Buhulaiga predicts continued growth due to US President Donald Trump’s pro-crypto policies, including the potential integration of digital assets into the Federal Reserve’s reserves. He therefore urged his country’s regulators not to lag behind in this trend.