Summary:

• Filip Karadjordjevic surmised that Bitcoin might experience adoption by a Middle Eastern country sooner than you think.
• The Hereditary Prince of Serbia and Yugoslavia shared his theory on a recent podcast.
• Karadjordjevic believes that BTC is perfect for some Arab states since they operate with Sharia law.
• Digital assets are increasingly popular in the Middle East, per a Chainlysis report.
• Jurisdictions like Dubai have set up their own crypto licensing structures.
• Platforms like Binance and FTX receive approval to operate in the United Arab Emirates.

The Hereditary Prince of Serbia and Yugoslavia, Filip Karadjordjevic, believes that Bitcoin could see adoption within a country in the Middle East in the near future, largely due to BTC’s underlying philosophy and how the digital asset compliments aspect of Sharia law. 

Karadjordjevic shared the theory on Wednesday during an interview on a cryptocurrency-focused podcast produced by Bitcoin Reserve.

According to the Prince, the leading crypto coin could facilitate a complimentary financial system for countries in the Middle East. Karadjordjevic said “maybe you’ll see an Arab monarchy adopting Bitcoin a lot sooner than you think” and added that BTC aligns with Sharia law regarding debt.

The concept of financial debt is not recognized in Sharia law and Bitcoin backs up this philosophy, suggested Prince Karadjordjevic. 

According to their readings, to the Quran, is actually that Bitcoin is their perfect money. It’s just a matter of time until someone pitches that to them, or they pitch it to themselves, and they get on board.

Data from a Chainalysis report supports the theory that broader crypto adoption could happen in the Middle East. 7% of crypto’s global trading volumes in 2021 originated from the Gulf region, per the report.

Binance And Other Exchanges Expand Into the Middle East

The United Arab Emirates has made moves to establish the region as a leading destination in the global crypto economy. Dubai set up its own regulatory body VARA and has issued a few licenses to platforms like Binance and FTX. 

Abu Dhabi and Bahrain also welcomed top crypto businesses to their jurisdictions.