- Middle East has led the world in the usage of cryptocurrencies,
- Middle East blockchain usage has increased with interest in cryptocurrency.
The Middle East has emerged as a key area for Bitcoin usage because of its diverse heritage, culture, and natural resources.
Growth of Cryptocurrency in The Middle East in 2022
Cryptocurrencies have grown in popularity as a means of business, creativity, and financial equality as nations in this area work to broaden their industries and adopt the technology. It will be fascinating to see how these leading coins eventually contribute to the huge uptake of cryptocurrencies.
According to current statistics, the Middle East has led the world in the usage of cryptocurrencies over the past year. According to the Chainalysis 2022 Geography of Cryptocurrency Report, a blockchain data tool, consumers in the Middle East received $566 billion in cryptocurrency from July 2021 to June 2022, a 48% increase over the prior year.
A number of cryptocurrencies have become well-liked options among Middle Eastern users and speculators as the area welcomes digital change and the promise of blockchain technology.
Top 10 Cryptocurrency in Middle East
Gaining insight into the characteristics of these digital assets will help you better understand how the local crypto market is changing:
- Bitcoin, the first and the biggest cryptocurrency in the world by market value, has experienced considerable growth in the Middle East. It is regarded as a repository of wealth and a safeguard against conventional financial markets by many buyers in the region.
- Decentralized apps (DApps) and smart contracts are popular in the Middle East thanks to Ethereum, the second-largest cryptocurrency by market value.
- With a block creation period of roughly 2.5 minutes as opposed to Bitcoin’s 10 minutes, it is known as the “silver to Bitcoin‘s gold.” This is one of its major benefits.
- In the Middle East, Tether has found a market for those looking to lessen the instability of other coins.
- Investors and producers in the Middle East are interested in Cardano because of its emphasis on sustainability, scale, and intellectual rigor.
- The Middle East has seen widespread acceptance of Ripple‘s XRP currency, especially among banks and other financial organizations seeking to simplify international transfers.
- The Middle East has shown interest in Solana‘s high-performance blockchain due to its capacity to process thousands of operations per second.
- Middle Eastern users , the native coin of top exchange, the biggest cryptocurrency exchange in the world, are increasing. It is a well-liked option for both buyers and dealers due to its usefulness within the exchange community and its function in the Smart Chain.
- The Middle Eastern crypto community is intrigued by Polkadot‘s focus on cross-chain contact and connectivity. It stands out for its creative method of collaborating and integrating various blockchains.
- Surprisingly, the Middle East has shown a lot of support for Dogecoin. It is a well-liked option due to its playful approach to cryptocurrencies and its fervent community.
The Middle East’s evolving legal environment is one of the main elements influencing bitcoin usage. Working together on the “Aber” trial project, the Saudi Central Bank (SAMA) and the Central Bank of the UAE are investigating the possible advantages and disadvantages of CBDCs, such as quicker cross-border transfers and decreased dependence on fiat currency.
The Qatar Central Bank (QCB) has changed its stance from outright prohibiting cryptocurrency operations to considering the development of a regulatory structure, while the Central Bank of Egypt has been researching the advantages and disadvantages of using cryptocurrencies in the economy.
Issues faced in Middle East
Despite the Middle East’s fast development and rising interest in cryptocurrencies, the area still confronts numerous difficulties and barriers. Many currently-used blockchain networks have trouble processing high numbers of transactions, which causes gridlock and expensive costs. The Middle East is experiencing a talent shortage in the field of cryptocurrencies and blockchain technology as demand outpaces supply.