Crypto adoption

Bitcoin adoption in the Middle East: Prince of Serbia says it’s much sooner than you think

Maybe you’ll see an Arab monarchy or an Arab country here or there adopt Bitcoin much sooner than you think.

Bitcoin adoption Middle east

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The cryptocurrency market is growing exponentially around the world, alongside interest in digital currencies. Its most distinguished supporters express optimism that some of the Middle Eastern monarchies may soon recognize the opportunity it offers.

It is much sooner than you think

As one of these famous crypto supporters is Filip Karadjordjevic, the hereditary prince of Serbia and Yugoslavia, who has suggested that some Middle Eastern countries, such as Jordan and the United Arab Emirates (UAE), among others, may soon adopt Bitcoin ( BTC), as he said on a Bitcoin Reserve podcast on July 6.

According to their readings, according to the Quran, it is actually that Bitcoin is their perfect money. It’s only a matter of time until someone offers it to them, or they present it to themselves, and they get on board. Maybe you’ll see an Arab monarchy or an Arab country here or there adopt Bitcoin much sooner than you think.

@PrincFilip1 mentions some Middle Eastern monarchies might adopt #bitcoin sooner than we think 👀

Follow us & subscribe to the Bitcoin Reserve Podcast on your favourite streaming platform for the full episode, which is dropping soon!

Link to podcast: https://t.co/VlAx2WYYNy pic.twitter.com/26G0GiLi8r

— Bitcoin Reserve (@BTCReserveHQ) July 6, 2022

 Monarch rule are very stable

During his appearance on the Bitcoin Reserve podcast, Prince Karadjordjevic said that Middle Eastern countries under monarch rule are “very stable.”

In contrast, countries in the same region that are not under monarchy – such as Iraq, Syria and Yemen – face social, political and economic problems.

If you compare them, you have countries like Jordan, Oman and the Arab Emirates, which are monarchies. These are countries that have been very stable for a hundred years. 

Continuing on this thread, the prince said that Bitcoin and sharia law are harmonious because debt is frowned upon under sharia law. Bitcoin proponents argue that self-storage of BTC in cash is the truest form of money, in that funds cannot be inflated or re-mortgaged.

It turns out that some of the countries mentioned by the Serbian prince have already shown interest in crypto. In fact, Blockchain Analysis data revealed that the Middle East is one of the fastest growing crypto markets in the world, accounting for 7% of global trading volumes.

Yet…..a debate is still open

Yet Islamic codes refer to a more nuanced debt model than Prince Karadjordjevic. Loans and debts are not prohibited. Instead, the emphasis is on not taking advantage of loans of money and loans for goodwill purposes, such as humanitarian and social purposes.

However, there is a debate among Muslims about whether cryptocurrencies are prohibited. For example, in November 2021, Indonesia’s National Religious Council stated that the speculative nature of digital currencies goes against the fundamental principles of Islamic law.

Online currency has elements of uncertainty, betting and prejudice and therefore goes against the central principles of Islamic law.

Nevertheless, Prince Karadjordjevic said that the Middle Eastern monarchies have a sound financial system. But what they don’t have is solid money to match the system. Moreover, it won’t be long before the idea of using Bitcoin to fill that void is floated and accepted.

According to you, which Arab countries do you think could potentially adopt BTC?

There has been no official communication from any of the countries listed above regarding the adoption of Bitcoin. But lately, the internet has been flooded with chatter and memes that the Saudi royal family is getting big on Bitcoin.

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