The Middle East is poised to lead the World in the Development of Blockchain Technology

The Middle East is poised to lead the World in the Development of Blockchain Technology

While the West lead in the adoption of cryptocurrencies, various nations in the Middle East such as Bahrain have often been overlooked. This is despite the fact that they are making major strides when it comes to various aspects of blockchain technology, including regulation. For instance, a recent report revealed that the UAE is one of the few nations where the government is actively promoting the use of crypto. In Q1 2019, startups in the UAE were able to raise $210 million.

A major reason why the Middle East is leading in blockchain development is the heavy-handed approach most nations in the Far East like India and China have used when it comes to crypto. It would appear that the Middle East could be the global hub for crypto in the future.

One notable nation is Bahrain, which has made major strides in 2019 that are friendly to crypto. Their Central Bank has even created a framework that will cover various areas related to crypto. These rules have been developed to help and not stifle crypto. With this in mind, the Burency exchange has picked Bahrain as the place where it will establish its foothold in the Middle East.