Last Updated on January 31, 2024 by Ameer Hamza
Over the past years, the unemployment rate has increased globally. So many people are going out of jobs in seconds, and the economic system keeps getting worse. Currently, in the Middle East, unemployment is at 10.8 percent. This statistic tells us that about 11 percent of the people willing to work in the Middle East cannot get jobs today. Worse, this situation has increased the rate of crime in many countries.
However, with cryptocurrency, things are starting to change for the better. Digital jobs have become a trend, and cryptocurrency is leading the movement. As a result, more people earn while sitting in the comfort of their homes. Crypto has provided a source of employment to unemployed Middle Easterners in many ways.
Here are three categories of employment sources offered by the rise of cryptocurrencies:
In many Middle Eastern countries, citizens are adopting the concept of cryptocurrency investment. As a result, cryptocurrency trading has become a part-time job for unemployed people. For example, in Iran, over 12 million people are holding cryptocurrencies. These 12 million people trade a total of 180 million dollars. The high volume of cryptocurrency trading in the Middle East is due to some reasons.
First, the capital that is required to start cryptocurrency trading is little. Therefore, any unemployed person can easily pull money together to start a cryptocurrency investment. You can trade with any amount you have and still make profits. Also, while cryptocurrency is not a way to get rich quickly, the profits gained from cryptocurrency trading can be very high. This prospect makes it attractive for unemployed people looking to become comfortable. As profits increase, these traders may adopt cryptocurrency investment as a side or full-time job.
Cryptocurrency mining is a more complex area of employment. It means creating new cryptocurrencies. A popular example is bitcoin mining, involving creating new bitcoins on the blockchain. Creating or mining the coins may be difficult to understand. Therefore, not just anyone can perform cryptocurrency mining. Interestingly, it is a major source of employment for many Middle Easterners who have learned the complex crypto mining system.
In Iran, for example, crypto mining licenses have been issued to over 1,000 cryptocurrency miners. The number of crypto miners in Pakistan has also continued to increase. Crypto mining is important as a major source of employment because it is lucrative. Bitcoin miners can make up to $60,000-80,000 in a year. So it is a safe path for unemployed Middle Easterners to pursue a career that pays enough for financial stability.
The path of entrepreneurship as a source of employment is indirect. It is not strongly connected to cryptocurrency itself, but it still contributes to gainful employment through crypto. The biggest problem facing unemployed Middle Easterners that want to create businesses is the lack of funds to start. Banks will not give loans to unemployed people because they fear that borrowers will not repay the loan.
However, with decentralized finance (DeFi), entrepreneurs looking for funds can easily get loans. In DeFi platforms, there are few restrictions on getting loans, and the interest rates are not so high.
Unemployment has remained a notable problem in the Middle Eastern region for many years, but cryptocurrency could be the solution. Governments in the Middle East need to create a friendly environment for cryptocurrency to thrive. This way, more Middle Easterners can earn a decent living.