Initiatives toward metaverse development continue to be a significant focus and key interest in the Middle East region, as the LEAP conference in Riyadh, Saudi Arabia, highlights key topics in the industry. On Feb. 7, a partnership ceremony was held at the conference, which acknowledged a new memorandum of understanding (MOU) between the Sandbox and the government of Saudi Arabia. According to social media posts from Sebastien Borget, the co-founder and COO of the Sandbox, the MOU is with the Saudi Arabia Digital Government Authority (DGA) for the purpose of “exploring, advising and supporting” one another in metaverse development. It …

The Saudi Central Bank (SAMA) is ramping up its research into Central Bank Digital Currencies (CBDCs) but is yet to announce a deployment. In a Jan. 23 bulletin, the bank stated it was working on a phase of a project that “focuses on domestic wholesale CBDC use cases in collaboration with local banks and fintechs.” However, it confirmed there had been no final decision to launch such a digital currency in the Middle Eastern nation. “SAMA stresses that although no decision has been made regarding the introduction of CBDC in the Kingdom, it continues to focus on exploring the benefits …

Argentina’s shock 2-1 loss to Saudi Arabia in the opening match of the FIFA World Cup has plummeted the price of the Argentine Football Association Fan Token (ARG), in line with the hopes of the nation’s die-hard soccer fans. With the ARG token priced at $7.21 at kick-off, the poor performance by the Lionel Messi-led soccer team saw the token’s price fall 31% to $4.96 by the end of the match before rising to $5.22 at the time of writing, according to data from Coingecko. By contrast, the floor price of "The Saudis," a Saudi Arabian-themed nonfungible token (NFT) collection …

The high degree of penetration and adoption of crypto in Saudi Arabia makes it an important market for digital currencies, demonstrating the potential for expansion in the Middle East and North (MENA) region. According to a survey conducted by crypto exchange KuCoin, around 3 million Saudi Arabians (or 14% of the adult population aged 18 to 60) have become crypto investors who, as of May 2022, either currently own cryptocurrencies or have traded in the past six months. Another 17% of respondents are labeled crypto-curious and are likely to invest in cryptocurrencies in the next six months. As per the …

The first blockchain school in the Middle East will open in Riyadh, Saudi Arabia, according to an announcement by the BSV Blockchain Association. The new institution will reportedly provide training and development tools for government organizations and enterprises interested in adopting or experimenting with blockchain technology. Per the announcement, the Saudi Blockchain Academy (SDA) will work with the Swiss-based Bitcoin SV (BSV) Blockchain industry association to educate experts about new technologies, assisting in implementing Saudi Vision 2030. The Ministry of Communications and Information Technology (MCIT) of the Kingdom of Saudi Arabia established the SDA as a major national project to …

The World Blockchain Summit in Dubai hosted an exhibition boxing match between top cryptocurrency traders and influencers for the WBC Crypto Belt. The fights were supported by a charity event, featuring an auction of memorabilia including digital currency assets and nonfungible tokens (NFTs). What started off as a conversation for a friendly match with a small audience, saw the involvement of two-time World Boxing Champion Amir Khan and the Super Boxing League (SBL) as the organizer, in association with ByBit crypto exchange and World Boxing Council. Amir khan crypto fight night. 2 of the biggest crypto traders @RookieXBT vs @loomdart …

The Saudi Arabian Oil Company (Saudi Aramco) stirred interest among crypto enthusiasts last year after investing $5 million in blockchain-based oil trading company Vakt. While this move aimed to digitize and streamline post-trade processing, Saudi Aramco was also rumored to undertake Bitcoin (BTC) mining activities. However, Saudi Arabia’s state oil company released an official statement to dismiss the ongoing rumors around mining Bitcoin. It said: “With reference to recent reports claiming that the company will embark on Bitcoin mining activities, Aramco confirms that these claims are completely false and inaccurate.” Many governments, including China, have recently unleashed a crackdown on …

CoinMENA, a soon-to-launch cryptocurrency exchange headquartered in Bahrain, has obtained a license from the Central Bank of Bahrain, or CBB. The newly acquired “Crypto Assets Services Company License” allows CoinMENA to operate fully as a regulated crypto exchange and onshore platform, the company announced on Sunday. The CBB’s license ensures that CoinMENA meets all of the operational, technical and security requirements set by the central bank. As CoinMENA plans to roll out its services in the Middle East and North Africa, or MENA, countries — including Bahrain, the United Arab Emirates, Saudi Arabia, Kuwait and Oman — CoinMENA is also …

Central banks from two of the most powerful economies in the Middle East released a report today on a yearlong joint central bank digital currency (CBDC) project — and results speak glowingly of blockchain technology. First announced in January of 2019, Project Aber was a joint effort between the United Arab Emirates and Saudi Arabia to establish a “proof of concept” designed to “contribute in the body of knowledge in CBDC and DLT technologies.” The combined effort of two central banks in such a study is among the first of its kind. To this end, the report notes that the …

The research arm of Saudi Arabia’s Islamic Development Bank Group is aiming to develop a blockchain-based smart credit management system. To achieve this, the bank's Islamic Research and Training Institute, or IRTI, has partnered with the Samsung-backed blockchain provider Blocko. The partnership comes as a part of the E24P regional consortium launched by Blocko across the Middle East, Africa, and South-East Asia in April. Curbing technical and economic challenges As the Islamic finance industry is predicted to grow from $2 trillion to $3.78 trillion by 2022, Dr. Sami Al Suwailem, director general of IRTI, says there still are various technical …

The Saudi Arabian Monetary Authority (SAMA), the country’s central bank, announced that it used blockchain technology to deposit funds to local banks. An official statement published by SAMA said that the funds were a part of the bank’s initiative to enhance its “capabilities to continue its role in providing credit facilities.” The bank did not specify the exact amount of the fund transfer. SAMA’s involvement with blockchain technology The Middle East is seeing widespread adoption of blockchain technology in the finance sector. SAMA has performed enormously in terms of using blockchain for remittances for banks located in Saudi and the …

Saudi Arabia’s state oil company, Saudi Aramco, has bought into the blockchain-based oil trading company Vakt, Reuters reports on Jan. 28. Saudi Aramco’s Energy Ventures branch has bought $5 million in new shares, according to Vakt’s press release. The investment will be used to develop the platform, with a focus on expansion into the Asian market. In addition to investment, the oil conglomerate’s trading subsidiary Aramco Trading is set to use the Vakt platform. The platform is currently live in the North Sea Brent, Forties, Oseberg, Ekofisk and Troll crude oil markets, where it reports to have a high market …