Arab Countries Could Adopt Bitcoin “Sooner Than We Think.”

As the crypto market and interest in digital currencies develop dramatically around the world, several of the Arab countries are expressing optimism that they will soon understand the possibilities it provides.

One of these well-known crypto advocates is Filip Karadjordjevic, the Hereditary Prince of Serbia and Yugoslavia, who claimed on a Bitcoin Reserve podcast on July 6 that some Middle Eastern countries, including Jordan and the United Arab Emirates (UAE), could soon embrace Bitcoin (BTC).

According to him, the majority of these monarchies follow Sharia law, which includes, among other things, a financial system that does not accept the concept of debt. As a result, they may be amenable to adopting a pitch for Bitcoin as the ideal money in accordance with this system.

“According to their readings, to the Quran, is actually that Bitcoin is their perfect money. It’s just a matter of time until someone pitches that to them, or they pitch it to themselves, and they get on board. Maybe you’ll see an Arab monarchy or an Arab country here or there adopting Bitcoin a lot sooner than you think.”

As it happens, some of the countries identified by the Serbian Prince have previously expressed interest in cryptocurrency. According to Chainalysis data, the Middle East is one of the world’s fastest-growing crypto marketplaces, accounting for 7% of global trading volumes.

In line with this, it was announced in December 2021 that one of the UAE’s sovereign wealth funds, Mubadala Investment Company, planned to invest $240 billion in the crypto ecosystem, expressing confidence in such investments.

Binance, a cryptocurrency exchange, was given a Virtual Asset License in mid-March, allowing it to conduct business in Dubai and, more precisely, to provide restricted exchange goods and services to pre-qualified investors and professional financial service providers.

More recently, Kraken got authorization from local authorities in late April to launch a regulated crypto trading platform in the UAE, with regional headquarters in Abu Dhabi.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Patrick

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