At the World Economic Forum in DavosMost entrepreneurs from Middle Eastern countries said they would like to move away from pegging oil contracts to the dollar due to aggressive US policies, but do not consider cryptocurrency a suitable alternative.
Despite rumors that some energy companies in the Middle East are already starting to use Bitcoin in their transactions, representatives of these countries have denied such claims.
Delegates from Oman, United Arab Emirates and Saudi Arabia consider cryptocurrency is an unacceptable alternative, primarily due to the lack of proper legal control in this area and the small volume of the market.
According to the CEO of Al-Kholi Group, until Bitcoin is regulated like the stock market, such a transition does not make sense.
Badr Jafar, Chairman of Crescent Enterprises,actively investing in the oil and gas industry, told CoinDesk that most industry players have no immediate need to abandon the dollar. Adding that Middle Eastern leaders and businessmen still do not trust cryptocurrency as it threatens the positions of central banks.
Entrepreneurs are interested in the productcalculation supported by financial systems, so they will prefer a currency superior to the dollar as an alternative. Such changes may be due to political factors related to Russia and China.
For example, China is now fighting for global markets, testing the digital yuan and is able to provide the necessary level of trust in it.
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