Embracing Cryptocurrency in the Financial Landscape: An Empirical Study

The study investigates cryptocurrencies in the Kingdom of Saudi Arabia's (KSA) financial market. Due to the implicit illegalization of cryptocurrency trading in the country, the study does not explicitly study the financial market. Analyses of the banking industry and their relationship with KSA's cryptocurrency trends imply an indirect relationship. Thus, the study analyzes this indirect relationship as it provides the foundation for the financial market. The primary factors examined in the study as the mediating factors are policies and the Islamic culture. These factors are analyzed for their influence their impact on the financial market, banking industry, and cryptocurrencies. The scope of factors critiques their integration and adherence to cultural values and policies relative to global trends, government interests, and economic growth and stability. Thus, the study analyzed multiple online resources to develop theories and concepts affecting the Kingdom's trends. Using qualitative and quantitative methods, the study examined the impacts of cryptocurrencies on the Kingdom's financial market. Results indicate conflicting priorities for the KSA government. Thus, the conclusions are that the government will likely embrace the technology explicitly, but this will be in case the regional currency fails to appeal to local and external investors.