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As the world mobilizes more and more blockchain, it seems that no matter where you are, the Middle East and North African countries are taking the lead in helping to establish the future of cryptocurrency as finance.
Countries in the region have long enjoyed a leading position in supporting emerging technologies. Now, the IDC Blockchain Spending Guide stated last month that throughout the 2020-2024 forecast period, blockchain spending is expected to grow at a compound annual growth rate of 48.0%. Such numbers indicate that the Middle East and North Africa region has re-exploited oil through early adoption and government support for blockchain.
So a question arises: Is blockchain the new digital oil in the Middle East, and if so, what does this mean for the future of the region and cryptocurrency? As part of the impressive Blockchain World Festival, this is just one of the key themes to be explored at DCS 2021 in Abu Dhabi next month.
The event brought some of the best talents in the blockchain field to the UAE, the most important of which was the keynote speaker, Dr. Saifedean Ammous. As an economist and educator, Ammous is also the author of the “Bitcoin Standard”, a best-selling book about Bitcoin that has been translated into more than 25 languages.
“Multiple MENA countries have proven themselves as early adopters of blockchain, using it to promote business opportunities and promote financial services,” Ammous said. “For example, this year the UAE government launched the UAE Blockchain Strategy 2021 and Dubai Blockchain Strategy, aiming to transfer half of all government transactions to the blockchain. Similarly, the Central Bank of Bahrain has a financial technology and innovation department, and The Saudi Arabian Monetary Authority is one of the first institutions to deploy blockchain technology for remittances. The list continues. It is clear that the Middle East and North Africa region is in a leading position in pushing blockchain forward.”
The example of Ammous emphasizes that the key factor that helps blockchain and cryptocurrency to flourish in the MENA region is the government’s attention to these digital technologies. Compared with many governments in other parts of the world trying to ban cryptocurrencies, governments in the Middle East and North Africa have recognized its potential and increased investment in the technology through conventional licenses. These licenses allow the blockchain to survive and develop with their support, making the region a stable innovation center.
In addition, it should be recognized that the powerful function of blockchain is the sustainability of the technology, especially when people’s concerns about climate change and the future of the earth are increasing and there is an urgent need for green assets. The Middle East and North Africa are leaning towards this approach again, especially in Saudi Arabia. There, as the Saudi country accelerates its energy production through renewable energy, oil producer Aramco has transitioned to blockchain to improve efficiency.
The Middle East and North Africa region’s forward-looking approach to blockchain through regulatory and green initiatives is undoubtedly leading the way in establishing the region as a cryptocurrency financial center. This makes this year’s DCS 2021 event even more compelling, because the core focus of the discussion will include the adoption of blockchain by companies and governments, as well as its diversity and social impact in a rapidly changing world.
Get tickets to events you can’t miss on Platinumlisthere, Virgin ticket here Or through the DCS 2021 website here. You can also register for DCS 2021 here Watch the event for free on-demand from anywhere in the world and have a chance to win a BTC.
Purchase early bird one-day ticket before 1 o’clock to enjoy 50% discountYingshi December.
- Early bird one-day ticket: 50 U.S. dollars
- One day ticket: 99 USD
- Economy Class Ticket: 149 USD
- exclusive: 100 VIP tickets USD 3,400
- exclusive: 10 SVIP tickets USD 88,000
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