Saudi Cultural Missions Theses & Dissertations

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    Regulating Bitcoin in Saudi Arabia: the challenge of central bank digital currency
    (Saudi Digital Library, 2022-09-25) Tawfiq, Aghnar; Miglionico, Andrea
    In light of the world's rapidly changing environment, particularly the advent of the digital world and the digital economy, as well as the fast growth of the Internet and electronic engagement, this speed was apparent with the advent of virtual (or digital) currencies, the earliest and most renowned of which was Bitcoin, which expanded extensively and was dealt with by significant corporations. Then came the question of generating electronic currencies that are linked to central banks all over the world, but it is noteworthy that these currencies have not yet received proper regulation. The research is divided as follows: The first chapter provided a summary of past studies on the issue, as well as an introduction to the research, its aims, and methodology. The notions of blockchain and digital currencies, in addition to the common relationship between them, were then defined. The second chapter included a description of Bitcoin and also the positions of several nations, especially Saudi Arabia. Then a comparison of Bitcoin regulation in the United States and Europe. The third chapter also included the benefits and drawbacks of Bitcoin as well as the pros and cons of its regulation in Saudi Arabia; a definition of the central bank's digital currency; and a proposal for a new currency called RiyalCoin for its creation and regulation in Saudi Arabia, with its impact on the Saudi Vision 2030; and finally, the conclusion, results, and recommendations in the final chapter. The descriptive and analytical methodologies were utilised to clarify the problematic aspects of the study.
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