Categories: Bitcoin Entertainment

BitOasis Aims to Change how People Transact in the Middle East Using Bitcoin

Click here to view original web page at cointelegraph.com

Bitcoin can offer many solutions to the Middle East, from fostering youth entrepreneurship to enabling farmers to receive loans in the digital currency, says BitOasis' Ola Doudin.

BitOasis, a Bitcoin exchange and multi-sig wallet dedicated to the Middle East, is working on bringing Bitcoin to the region. Its founder, Ola Doudin, a former Ernest & Young associate, believes the technology has the potential to address the many challenges encountered in the region and foster social development, reported PSFK.

According to Doudin, Bitcoin can offer many solutions across the Middle East and significantly boost the e-commerce industry. She explained:

"We know that the Middle East’s e-commerce market is one of the fastest growing markets in the world, yet around 85% of transactions is still done with cash."

Last year, international telecommunications company Ooredoo conducted an online study entitled "New Horizons: Young, Arab and Connected," which provided a snapshot into the digital attitudes and aspirations of young people across the Middle East and North Africa (MENA) region.

Among the key findings, it was expressed that 90% of the 10,500+ young adults interviewed believe that access to the Internet and mobile digital technology can help them realize their professional aspirations, and 91% also believe that technology is the basis of a modern, forward-thinking and functioning society.

A further 72.8% of young adults in MENA believe freelancing online can provide them with better income opportunities than full-time work, "yet many of these youth still can't be paid online," noted Doudin.

"Women in villages can sell their handicrafts online and accept payments from anywhere across the world, farmers can receive Bitcoin loans and young people can freelance remotely and receive payments instantly."

With 80% of MENA's adults being unbanked, Bitcoin could give the local population the prospect of leading a better life, "have income, save or invest or have any access to financial tools to receive and send money," she added.

Along with being an effective and secure way of transferring value, Bitcoin is also a way to participate in a social experiment and a broader conversation. Amber Haque, the co-founder of The Pizza Guys, the first outlet in the United Arab Emirates to accept payments in the digital currency, stated:

"This conversation [around Bitcoin] has been taking place for some time now and it is very interesting to us. It is changing the way people are thinking about currency. It is such a people-focused kind of currency."

While Bitcoin is believed to hold many opportunities, the fate of the digital currency in the MENA region is yet to be determined, noted Doudin.

"Whether or not Bitcoin can be adopted as a universal or national currency is a different debate all together, and we have yet to see how different institutions and regulators will react to it across the world," she said.

"I believe Bitcoin can co-exist with national currencies, however the form it will take will depend on how governments and regulators will react to this new technology and how they work with startups that are innovating in this space, ideally by creating new products that will become the next generation of fintech products that allow for further innovation rather than cracking down on it."

BitOasis is not the first startup to have decided to tap into the MENA region market. In late August 2014, Australia-headquartered Bitcoin exchange Igot launched the first exchange in the UAE, exploring the opportunities in the remittance market. Following rapid growth, the Australian startup announced in late November 2014 its plan to launch in Saudi Arabia and Egypt.

Did you enjoy this article? You may also be interested in reading these ones:

Are you holding on to your bitcoins hoping their value will increase? Why not trade in the meantime using up to 8x leverage. Profit in rising, falling or flat markets. Find out more at https://www.coinarch.com/

BitOasis , a Bitcoin exchange and multi-sig wallet dedicated to the Middle East, is working on bringing Bitcoin to the region. Its founder, Ola Doudin , a former Ernest & Young associate, believes the technology has the potential to address the many challenges encountered in the region […]

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama
Tags: one

Recent Posts

$10K Bitcoin Stronger Than Ever But No One Seems to Care: Google Trends

Risk Disclaimer - By using this web site you agree to its terms and conditions. All materials, including but not… Read More

6 hours ago

Bitcoin Is A Hedge Against Gov’t “Fiscal Irresponsibility”, Analyst

Equities portfolio manager turned crypto fund executive Travis Kling has argued that Bitcoin has come into its own as a… Read More

6 hours ago

Why Are France & Germany Blocking Facebook’s Crypto? The Euro, Apparently

For those most part, governments have ignored Bitcoin . While the crypto asset’s proponents see it as the future of… Read More

6 hours ago

U.S. Charges JPMorgan Suits for ‘Spoofing’ Precious Metals Markets

| Source: Lorimer Images/Shutterstock The United States Department of Justice has charged three gold and precious metals traders from JPMorgan… Read More

6 hours ago

Your Crypto Exchange Can’t Send Even $1000 Without Exposing You

Regulator-compliant crypto exchanges are required to share your information with other financial institutions. | Source: Horth Rasur/Shutterstock Transferring more than… Read More

6 hours ago

Bigger Bloodbath in U.S. Stock Market Likely: Factors of Further Downtrend

Geopolitical risks and an uncooperative Fed could trigger a short-term relapse in stock prices. | Image: Shutterstock The U.S. stock… Read More

6 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More