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The Middle East Could Adopt Bitcoin Soon – Serbian Monarch

Summary:

  • Filip Karadjordjevic speculates that Bitcoin could be adopted by any country in the Middle East sooner than you think.
  • The hereditary prince of Serbia and Yugoslavia shared his theory in a recent podcast.
  • Karadjordjevic believes that BTC is suitable for some Arab states because they work with Sharia law.
  • Digital resources are becoming increasingly popular in the Middle East, according to a chainlice report.
  • Authorities like Dubai have set up their own crypto licensing framework.
  • Platforms like Binance and FTX are allowed to operate in the UAE.

The hereditary Crown Prince of Serbia and Yugoslavia, Philipp Karadzardevic, believes that Bitcoin could be adopted in a Middle Eastern country in the near future, largely thanks to the underlying philosophy of BTC and how digital assets appreciate the aspect of Sharia law.

Karadzardevic shared the theory during an interview on a cryptocurrency-centric podcast on Wednesday. Bitcoin reserves.

According to Yuvraj, the top cryptocurrency could facilitate an admirable financial system for Middle Eastern countries. Karadjordjevic said “maybe you will see that an Arab monarchy is accepting bitcoin much sooner than you think” and added that BTC is aligned with Sharia law regarding debt.

The concept of financial debt is not recognized in Sharia law and Bitcoin supports this philosophy, Prince Karadzervic suggested.

According to their text, to the Qur’an, bitcoin is actually their perfect meaning. It’s just a matter of time until someone pitches it to them, or they pitch it to themselves and they get on board.

Data from a channelis analysis report supports the theory that widespread crypto adoption could occur in the Middle East. According to the report, 7% of Crypto’s global trading volume in 2021 came from the Gulf region.

Binance and other exchanges spread to the Middle East

The UAE has taken steps to establish the region as a leading destination in the global crypto economy. Dubai has set up its own regulatory body VARA and has issued several licenses on platforms such as Binance and FTX.

Abu Dhabi and Bahrain have welcomed the top crypto businesses in their jurisdiction.




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