Interest and optimism in digital currencies continues worldwide, including among the nobility. And soon, some of the Middle Eastern monarchies may recognize the enormous potential of cryptocurrencies.
One such prominent supporter of cryptocurrency is the Crown Prince of Serbia and Yugoslavia, Filip Karageorgevich, who suggested that some Middle Eastern countries (Jordan and the United Arab Emirates) may accept bitcoin (BTC).
According to him, most of these monarchies use Sharia law, which implies a special financial system that does not recognize the concept of debt. Consequently, they are somewhat open to accept bitcoin as the ideal money system.
According to the Qur’an, bitcoin is in fact perfect money for them. It’s only a matter of time until someone tells them about it, or they accept it themselves. Maybe you’ll see an Arab monarchy or an Arab country integrating bitcoin much earlier than you think.
Some of the countries mentioned by the Serbian prince have already shown interest in cryptocurrency. According to Chainalysis, the Middle East is one of the fastest growing crypto markets in the world, accounting for 7% of global trading volumes.
Back in December 2021, Finbold reported plans by Mubadala Investment Company, one of the UAE sovereign wealth funds, to invest $240 billion in the crypto ecosystem.