It is no longer news that blockchain technology has rapidly gained worldwide attention. Many have described it as the future of the world’s currency, and countries have joined the bandwagon of blockchain acceptance. Interestingly, one of the regions that have continually embraced blockchain technology is the Middle East. Here are some Middle East countries known for advancing blockchain technology.
What are the Top 5 Middle East Countries Adopting Blockchain Technology?
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The Kingdom of Saudi Arabia
The Kingdom of Saudi Arabia has a reputation for focusing on emerging technologies at both individual and collective levels. Unsurprisingly, blockchain technology is one emerging area the country has directed its attention to, and it is widely accepted by many of Saudi Arabia’s financial institutions. The country went as far as to introduce the country’s official cryptocurrency – the Saudi Pepe – earlier in the year. The cryptocurrency is hosted on the Ethereum blockchain and is to primarily foster business and financial inclusion in the use of blockchain technology in the Middle East.
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The United Arab Emirates
The United Arab Emirates is perhaps the most distinct blockchain–adopting country in the Middle East. The government has continuously shown its interest in adopting blockchain for conducting most of its transactions. In 2021, the UAE government announced its intention to recognize blockchain in all digital transactions through the issuance of a unique identification number. The country aims to house the first city that will be completely powered by blockchain technology, which can accommodate most of its masses. However, with the increased development in NEOM – Saudi Arabia’s new smart city – it seems like the UAE is in a run for its money.
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Turkey
Turkey has already made plans to use blockchain technology for the government providing public services within the country. Among other things, the country has also inaugurated a blockchain technology platform for creating a thriving blockchain community in the region. Turkey also has a Blockchain center in Istanbul, where it provides consultancy and education to sectors and stakeholders across the country and around the world.
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Bahrain
The Kingdom of Bahrain has been rumored to be locked in the race to become the world’s go-to hub for cryptocurrency. The Central Bank of Bahrain has been remarkably applauded for having the best international practices and blockchain regulations. It has also made sure to model its cryptocurrency regime after European directives and in line with advancing financial tech startups. Bahrain has also regularly partnered up to ensure the advancement of cryptocurrency options, one of which was the EazyPay partnership in 2022 that enabled Binance Pay to recognize cryptocurrency payments within the country.
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Qatar
The blockchain market in Qatar is estimated to reach $253.4 million in 2026. The Qatar blockchain market is known for its biggest spending on the blockchain, and it is said to increase exponentially. The country recently showed its interest in thriving blockchain technology by publishing a Communication Regulatory Authority consultation document requesting stakeholders’ contribution to its national blockchain blueprint that proposes regulatory foundation and adoption frameworks for the technology in Qatar. Indeed, the country is taking big strides in the advancement of blockchain technology.
Conclusion
Countries in the Middle East have continuously shown their commitment and dedication to advancing technology and everything in between. As such, it is not surprising to see an increased level of openness and adoption of blockchain amidst worldwide refusal. One can only anticipate what these countries have planned next. It is indeed a time to be alive.
