The 72% of local UAE users were found to be investing in Bitcoin.
The United Arab Emirates leads the Middle East in terms of cryptocurrency adoption, with 72% of its local users investing in Bitcoin. Per a Bitget report, the region’s crypto adoption is expected to reach 700,000 daily traders by the end of 2024.
Previously, Saudi Arabia had attempts to be a major player in crypto, with Anthropic sharing how they were excluded from buying an 8% stake in FTX due to security and geopolitical issues.
In 2022, the Central Bank of the United Arab Emirates (CBUAE) has also completed the most extensive central bank digital currencies (CBDC) pilot transactions with central banks in Hong Kong, Thailand, China, and the Bank for International Settlements. The Central Bank of Saudi Arabia also said it would launch an experiment with CBDCs.
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