While some Middle Eastern countries are opening up and studying the possibility of signing oil contracts for Bitcoin, most leaders have shown no approval for Bitcoin, according to M. Shafik Gabr , an Egyptian businessman and ARTOC investment development group.
Also, Ahmed Heikal, CEO of Qala Holdings, an Egyptian investor, said that because Bitcoin” has no legal framework for the wholesale deal”He said it was not positive, and he insisted it would be at least a decade if the country or energy company had to use bitcoin.
Delegates from Oman to the United Arab Emirates and Saudi Arabia all expressed similarly dismissive views about bitcoin as an asset, often referring to it as a gambling conduit.
Representatives dispatched from Oman to the United Arab Emirates and Saudi Arabia all expressed similar derogatory views on regard bitcoin as an asset, which they referred to as” gambling conduits.” In particular, U.S. sanctions are an important influence across the region in oil contracts, as did U.S. President Donald Trump when he urged Europe not to deal with “unfriendly” energy suppliers.
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