The Gulf countries are characterized by caution towards cryptocurrencies due to some security concerns as well.
As for Jordan and Iraq, they have warned about the risks associated with them while expressing interest in blockchain technologies. Both Egypt and Morocco have imposed strict bans due to fears of money laundering, with indications that this ban may be reviewed in the future.
The lack of clarity and weakness in oversight and legislation remains a dominant issue before adopting cryptocurrencies in the Arab region. In this regard, Kamil Al-Sari states that China has taken a strong stance against Bitcoin, refusing to recognize it as it poses a threat to its economy and does not serve its global trade interests.
As for the European Union, Al-Sari pointed out that it resembles the Chinese stance, as it seeks to protect its currency, the euro, from the random speculation of Bitcoin and to focus on the role of the central bank in achieving economic stability.
On the other hand, Al-Sari mentioned that El Salvador has officially recognized Bitcoin as legal tender, but this decision has faced numerous criticisms due to its weak economy and limited reliance on it.
