Serbian prince: Arab countries might embrace Bitcoin’sooner than we think’
As the global crypto market and interest in digital currencies expand tremendously, its more eminent proponents express hope that certain Middle Eastern rulers will soon understand the potential it presents.
Prince Filip Karadjordjevic, the Hereditary Prince of Serbia and Yugoslavia, said on a Bitcoin Reserve podcast on July 6 that a number of Middle Eastern nations, including Jordan and the United Arab Emirates (UAE), might soon embrace Bitcoin (BTC).
According to him, the majority of these monarchs use Sharia law, which includes a specialised financial system that does not accept the idea of debt. Therefore, they may be willing to accept a presentation for Bitcoin as the optimal currency for this system.
“According to their interpretations of the Quran, Bitcoin is their ideal currency. It’s just a matter of time until someone pitches it to them, or until they pitch it to themselves, and they join the initiative. Perhaps a monarchy or nation in the Arab world will accept Bitcoin sooner than you think.”
The Middle East is interested in cryptocurrencies
Some of the nations listed by the Serbian Prince have already shown an interest in crypto. In fact, according to Chainalysis statistics, the Middle East is one of the world’s most rapidly expanding crypto markets, accounting for 7 percent of global transaction volume.
Finbold stated in December 2021 that Mubadala Investment Company, one of the UAE’s sovereign wealth funds, intended to spend $240 billion in the crypto ecosystem, expressing confidence in such investments.
Mid-March saw the issuance of a Virtual Asset License to cryptocurrency exchange Binance, enabling it to do business in Dubai and offer restricted exchange products and services to pre-qualified investors and professional financial service providers.
In late April, a second cryptocurrency exchange, Kraken, was granted authorization by UAE authorities to create a regulated cryptocurrency trading platform with regional headquarters in Abu Dhabi.