The Middle East is an area of particular interest to the financial world. Not just because there is a ton of oil concentrated in this part of the world, but also because these countries have a direct influence on the USD value. As a result, Bitcoin growth in the Middle East is attracting attention and there are also a few places where the virtual currency is being accepted.
Still Early Days for Bitcoin in the Middle East
Bitcoin is only just starting to make a small impact in the Middle East. Most of these countries enforce some type of capital controls and central banks are the only source of funds in circulation right now. But there is a lot of room left for investment opportunities and Bitcoin could prove to be a perfect fit.
At the end of 2014, Dubai held its very first Bitcoin conference, where quite a few people attended. Dubai is a very prominent location of wealth and finance and making a splash there could help put Bitcoin and other virtual currencies on the map. So far, there are very little efforts underway in the Middle East, but there