• The executive chairman of the asset management firm Iceberg Capital Limited, Mustafa Kheriba, states that adoption of crypto has been skyrocketing in the Middle East and Northern Africa region due to factors such as high inflation and residents‘ desire for high-return investment opportunities.
• According to Kheriba, most experienced software developers are likely working on blockchain projects despite bearish conditions that persisted in much of 2022.
• Some regulators have seized the initiative by establishing or proposing to create frameworks for regulating crypto assets.

Crypto Adoption Skyrocketing in MENA Region

The executive chairman of the asset management firm Iceberg Capital Limited, Mustafa Kheriba, states that adoption of crypto has been skyrocketing in the Middle East and Northern Africa (MENA) region due to factors such as high inflation and residents‘ desire for high-return investment opportunities. Despite bearish conditions that persisted in much of 2022, interest and adoption of crypto and blockchain has not dissipated according to Kheriba who pointed to a report which suggests that most experienced software developers are „most likely to be working on blockchain projects.“

Regulators Seizing Initiative

To further support his assertion, some regulators have seized the initiative by establishing or proposing frameworks for regulating crypto assets within their respective jurisdiction. This is particularly relevant given citizens‘ need for more reliable monetary policy options amidst rising inflation rates throughout certain parts of the MENA region. Moreover, cryptocurrency is increasingly seen as an investment opportunity among those living in more affluent countries within this area.

Future Of SWIFT Network

Kheriba also shared his thoughts on the future of Society for Worldwide Interbank Financial Telecommunication (SWIFT) network when asked about it by Bitcoin.com News via Whatsapp messaging system. He believes that it will remain an integral part of global finance but will have to adapt its technology if it wants to remain competitive with new technologies like blockchain networks which offer better security features than traditional banking systems.

Benefits Of Blockchain

The benefits offered by blockchain technology are numerous and include enhanced security measures compared with traditional banking systems as well as increased transparency which can help prevent frauds or other malicious activities from occurring undetected. Additionally, many startups are leveraging this technology’s immutable nature in order to create innovative financial services products without being hindered by legacy infrastructure problems faced when using existing centralized services providers like banks or credit card companies.

Conclusion

In conclusion, cryptocurrency has become increasingly popular within the MENA region due mainly to external factors such as citizens desire for higher returns investments options amidst volatile currency devaluations amongst other reasons while also providing many benefits not found in traditional banking systems thanks largely to its underlying blockchain technology. As a result many governments have begun taking steps towards creating regulatory frameworks which could go a long way towards increasing mass adoption within this sector even further moving forward into 2021 and beyond