Finance Magnates published an analysis on January 1 stating that although the large-scale adoption of cryptocurrencies in the Middle East may take some time, several countries in the region have really noticed this. From the UAE to Saudi Arabia, Bahrain and Lebanon, some private and public entities are willing to take risks and embrace new technologies earlier than others. However, other countries have decided to crack down on any activity involving cryptocurrencies.
Having said that, one of the important points to consider when analyzing this emerging industry is that the region's adoption is primarily top-down. Although government agencies and traditional banks have historically been considered the slowest technology adopters, they are the main players directly entering the cryptocurrency transformation. Despite the steady growth of e-commerce in the region, cash on delivery is still the preferred payment method. This is mainly due to consumer concerns about product quality and online fraud. So for crypto enthusiasts, watching Arab investors react slowly to the phenomenon of crypto may be a bit frustrating.