Mesopotamian Triangle: The Middle Eastern Crypto Race Has Started. Ep. I: Oil
TechnologyBit News Today2 min read
This past September, Saudi Arabia's GrafChain became the first ICO in the fortunes-rich but slow-to-adapt Kingdom.
The United Arab Emirates has already seen several exchanges enter and enter local markets, and are planning to make the region a crypto hub.
But the region is much bigger and its goals much more ambitious. More than oil, what these countries want is to lead the new age of cryptocurrency - both the technology and the culture. ## Oil and and oil money
Cryptocurrency is hardly the only thing that unites these two oil-exporting neighbors.
Both UAE and Saudi Arabia have made efforts in the past year to integrate blockchain into their societies. They launched the Abu Dhabi Global Market Regulatory Framework for Virtual Assets in July.
The Saudi government has also previously banned cryptocurrency trading, but it has never gotten in the way of international firms setting up shop and serving locals.
At the heart of their approaches are their ambitions in the sector. When Sandbox, a blockchain-based online gaming platform, launched in UAE in March, for example, it was as part of the country's National Innovation Strategy.
UAE, Saudi and the broader Middle East, now an important region for tech and innovation, are all trying to get there. ## Beyond oil
The push is to make UAE a global hub for the emerging sector. That means creating a regulatory framework that makes UAE attractive to entrepreneurs and investors.
The government is also opening up to the technology. In October, UAE launched the strategy's first blockchain project, the Digital Local Currency, a digital currency that will give expatriates and tourists a 3% discount on purchases.
The UAE is also building out its own version of the national blockchain, called the Digital Dubai Blockchain. The UAE is also pushing to be the first country in the Middle East to adopt the technology.
The UAE is not alone in its ambitions. Saudi Arabia has invested in blockchain research and development, and has launched its own ICO, called the National Investment Fund.
The country is also pushing to become a global hub for blockchain technology. Saudi Arabia has invested millions in a blockchain research center, which aims to develop the technology and train engineers. ## Conclusion
The push is about more than oil. It is about leading the cryptocurrency revolution in the Middle East and beyond.
The UAE and Saudi Arabia are throwing their weight behind blockchain and are making a bet that the technology will change the way we live and work. They are hedging their bets on a digital future.
