the situation in the Middle East

Bitcoin nei mercati emergenti: il Medio Oriente - 546410 mobile phone smartphone

It is a truth universally recognized by the experts of the Crypto community on Twitter that emerging markets are more likely to see a revolutionary use of bitcoin, at least in the near future, compared to Silicon Valley.

However, the term "emerging markets" encompasses most of the planet, excluding a handful of wealthy nations. In general, regions with weak states and diasporas see a more massive adoption of cryptocurrencies.

For example, Lebanese entrepreneur Michel Haber said that most of the 26 remote workers involved in his web services startup, cNepho Global, now prefer bitcoin wages.

This is no longer a marginal perspective. Arab Weekly published an article in April on how the collapse of the banking system is destabilizing Lebanon. Protests hit the central bank in April and the riots around bank branches were even fatal.

The situation continues to simmer. "The peer-to-peer bitcoin market is very solid because the Lebanese banking system has gone bankrupt and people have more money than banks have," Haber said.

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This does not mean that Bitcoin will easily replace local currencies. As happened in Iran, once home to a thriving bitcoin and retail use industry, the authorities reduced usability once the adoption of traditional money has grown. But rather than annihilating the demand for cryptocurrency, repressions can change their manifestation.

Volatility of Stablecoins

In regions with volatile currencies and poor access to dollars, the demand for stablecoin is increasing. According to a bitcoin trader in Iran, who asked to remain anonymous for security, the collapse in oil prices did not increase the local demand for bitcoin.

This is partly due to the government's efforts to promote the local stock market. However, as the dollar exchange rate fluctuates and banknotes are in short supply, stablecoin Tether (USDT) sells for more than one dollar per Iranian rial.

The aspect that makes stablecoins more desirable is no stability or guarantee mechanism, they are simply network effects. After all, the reason many of these users turn to cryptocurrency is because they want a global asset, regardless of whether it takes the form of paper or software invoices.

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Dapp

The Middle East is also one of the few regions where decentralized applications (dapps) not focused on gambling continue to attract repeat users. Dmail founder Mohamed Abdou, whose Egyptian team created a privacy-focused email service using Blockstack, said dapp now has 15,000 monthly active users.

As such, Dmail raised $ 500,000 in April. Although Dmail does not collect user information (and therefore does not know where users are located), this Egyptian project was inspired by a local context in which international remittances and payments offer a lifeline to an economy affected by currency reserves out of stock.

Automatic trading apps like Bitcoin System are also very popular. These allow you to exchange bitcoins even without any trading experience, so they are easy to use.


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