While interest in digital assets has waned in some parts of the world, in the Middle East and Northern Africa adoption of crypto has been skyrocketing according to Mustafa Kheriba, the executive chairman of the asset management firm Iceberg Capital Limited. According to Kheriba, factors such as high inflation and residents’ desire for high-return investment opportunities have drawn many to cryptocurrency.
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Despite the bearish conditions that persisted in much of 2022, according to Mustafa Kheriba, the executive chairman of Iceberg Capital Limited, interest and adoption of crypto and blockchain has not dissipated. To support this assertion, Kheriba pointed to the 23rd State of the Developer report which suggests that most experienced software developers are “most likely to be working on blockchain projects.”
Nevertheless, the Iceberg Capital Limited executive chairman told Bitcoin.com News interest has particularly been surging in the Middle East and North Africa (MENA) region where some regulators have seized the initiative by establishing or proposing to create frameworks for regulating crypto assets.
In addition, Kheriba said factors such as inflation or the depreciation of national currencies have played a part in driving up the number of citizens that have embraced crypto. On the other hand, for residents of more affluent countries, cryptocurrency is increasingly seen as an investment opportunity.
In the rest of his written responses sent to Bitcoin.com News via Whatsapp, Kheriba also shared his thoughts on the future of the Society for Worldwide Interbank Financial Telecommunication (SWIFT).
Below are the rest of Kheriba’s responses to the questions sent.
Bitcoin.com News (BCN): Why is crypto adoption skyrocketing in the MENA region and would you say users are being pushed towards crypto by external forces or pulled by crypto?
Mustafa Kheriba (MK): Momentum within the MENA region has been building for quite some time now, thanks to multiple reasons. There are country-specific factors at play. Inflation in countries like Egypt and Turkey is pushing people towards crypto as a store of value and a hedge against fiat currency devaluation. This is particularly relevant in countries where the government’s monetary policy is unpredictable and cannot be relied upon for stability.
On the other hand, in Gulf countries, the rapidly evolving regulatory frameworks, financial institutions, banks, and high…
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