The Middle East would take more time to adopt the blockchain technology although some private and public companies plan to embrace the new technology earlier than others, according to Finance Magnates website.
However, it should be taken into account that the Gulf States’ GDP per capita ranges from $50,000 to $130,000 on large oil reserves and other robust natural resources.
Thus, crypto fans feel frustrated to see the region moving slowly towards the crypto industry.
Some countries, however, were merged as early adopters of the blockchain technology such as Saudi Arabia and the UAE as both announced plans to launch a cryptocurrency. In November 2019, the two countries unveiled ‘Aber’ as their joint cryptocurrency which aims to facilitate financial settlements.
Meanwhile, Dubai has announced details of its new cryptocurrency ‘emCash’ that is aimed at paying for public and private services in the city.
Moreover, Abu Dhabi’s market regulator has given an in-principal approval to the Arabian Bourse to establish a full-fledged crypto asset exchange and custodian.