Michael Saylor, Executive Chairman of Strategy, urged Middle Eastern countries at the Bitcoin Mina Conference to adopt Bitcoin-based banking and yield products, positioning themselves as a global center for Bitcoin banking. He emphasized that this sector could offer opportunities exceeding $200 trillion within the global financial system. Saylor’s proposal comes amid rising global popularity of cryptocurrencies and increasing efforts by various regions to integrate digital assets into their financial systems. Bitcoin, as a decentralized digital currency, has established a significant presence in global financial markets, with many countries seeking to provide legal protection or regulatory frameworks for its use.
The Middle East, due to its strategic location and existing financial hubs, has the potential to become a new center for Bitcoin banking by leveraging this opportunity. Promoting Bitcoin banking and yield products in the region’s financial markets could benefit local economies and attract global investment. While this initiative promises advantages such as transparency, faster transactions, and reduced costs in the global financial system, it also presents regulatory and security challenges that must be addressed. Therefore, Middle Eastern nations are encouraged to develop robust legal frameworks and technical infrastructures to emerge as a leading global hub for cryptocurrency.
Source: coindesk
