Certainly a first for the region, but this development may lead to SA completing it's regs.
If SA, as one of the wealthiest states, and one of the largest oil sellers and arms buyers, moves to a crypto coin then the writing will be on the wall for the US global currency, since oil will be traded on the blockchain.
This in turn will lead to a problem for the MIC, as oil for arms is a big business.
The Fed could be in trouble now, as their money laundering will be on the blockchain, visible to all.
Time will tell
https://www.ccn.com/bahrain-becomes-first-arab-nation-to-comprehensively-regulate-bitcoin