According to the conclusions of a brand new Souq Analyst survey, about 65,000 of the individuals in Oman possess bitcoin and different types of cryptocurrency.
Despite the seemingly modest proportion of crypto holders (virtually 2% of the nation’s grownup inhabitants), the statistics point out that crypto information within the Arab state is considerably excessive.
Souq Analyst supplies its neighborhood with inventory market information and evaluation, funding concepts, charts, and portfolio evaluation. Moreover, the neighborhood supplies country-specific views on banking, cryptocurrencies, crowd funding, and investing.
The stage of crypto-awareness in Oman is rising quickly. The research reveals {that a} exceptional 98% of Oman’s grownup inhabitants had heard of cryptocurrencies, exhibiting a rising consciousness.
Chart: Souq Analyst
Omanis Love Bitcoin!
Bitcoin is the preferred cryptocurrency amongst Oman’s crypto homeowners, with over 55% of respondents indicating possession.
And resulting from its various purposes, Ethereum ranks second, adopted by XRP, Tether, and different different cryptocurrencies.
The research indicated that roughly one-fourth of the respondents had accomplished highschool. The report additionally indicated that 90% of cryptocurrency homeowners within the nation are between the ages of 18 and 44.
Chart: Souq Analyst
A sizeable proportion of bitcoin homeowners think about their holdings as a safe different to conventional cash. Over 12% of respondents stated they personal crypto belongings value greater than 10,000 Omani Rials (OMR).
More than 35% of those respondents possessed crypto belongings with a greenback worth of lower than $259.
Chart: Souq Analyst
Bitcoin Investment: Going For The Long Haul
The information additionally reveals that 62% of bitcoin homeowners intend to make long-term investments, 25% use digital belongings to achieve extra information about cryptocurrencies and training, and 23% commerce day by day.
The Capital Market Authority (CMA) of Oman is now researching on crypto asset guidelines, a step that demonstrates the Gulf Cooperation Council’s favorable stance towards crypto belongings and the regulator’s proactive fintech orientation.
CMA specialist and advisor Kemal Rizadi Arbi said through the IFN Oman Forum 2022:
“We plan to regulate all digital assets in Oman with the exception of the payment system, which falls within the purview of the central bank… we hope to have something in place by the end of the year.”
Several nations, together with Algeria, Bangladesh, China, Egypt, Tunisia, Morocco, and even Qatar, have outlawed cryptocurrencies. On the opposite hand, the principle economies of the GCC are pioneering the adoption of digital currencies in a single type or one other.
Meanwhile, it’s stated that the Central Bank of Oman (CBO) is growing its personal central financial institution digital foreign money (CBDC).
Alongside the CMA, the central financial institution has elevated its digitalization initiatives. It is evaluating open banking and in 2022 it carried out a regulatory sandbox to stimulate digital innovation.
-Featured picture by Wanderlust Chloe
