The Middle East Investment Bank: bitcoin may stimulate the area of electronic commerce

The Middle East Investment Bank: bitcoin may stimulate the area of electronic commerce

In June 27th, the Kuwait investment bank and Asset Management Co of Kuwait Financial Center (Kuwait Financial Centre), also known as Markaz, has published a new report on bitcoin, indicates that the electronic currency as a disruptive technology, can help stimulate the e-commerce industry in the region.
 
Report the theme of “breakthrough technology: bitcoin currency reform?” And in the 20 page report about the bitcoin, it is also highlighted the Gulf Cooperation Council (GCC) investors the opportunity, the organization members include Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE).
 
Details of Markaz are studying the advantages and disadvantages of bitcoin, global regulators of different positions and the failure of Mt.Gox, but on the whole is to encourage local bitcoin operators in the Middle East, and to participate in the digital currency industry more widely.
 
该报告的结论是,尽管存在风险,但是比特币为该地区可能所带来的利益不应该被中东投资者忽视。 The contents are as follows: “if properly encouraged, this technique can help the rapid development of electronic commerce. Micro payment and non cash payment technology will enable people to carry the intelligent mobile phone as long as you can easily pay.”
 
Markaz also pointed out that bitcoin may be the only suitable for demand in the Middle East, the popularity of mobile intelligent mobile phone mobile phone rate – 50% is the intelligent mobile phone and most of them are young people, it is said: “initially bitcoin is difficult to understand, however, GCC countries have many more than 20 year olds [sic] it is much easier to train them. According to the social media forum, the people age groups actively participate in bitcoin related activities.”
 
Bitcoin appeared in 2014 ArabNet digital summit in Dubai held recently also mentioned in the report. At the meeting, from bitcoin start-ups Yellow and Umbrellab local entrepreneurs, they introduced a new member of the region’s high-tech community.
 
Limited investment opportunities
 
In the North American and European investors bitcoin start-ups in the field of diversified investment. However, Markaz GCC pointed out that investors have few options in the local, but also to achieve revenue or to the internationalization of service should also take more risks.
 
Markaz believes that angel investment is now the best, so investors will choose this area GCC. Therefore, it is said that interested parties should be cautious approach is: “however, investors before the risk investment, should be investigated to carry out their own due diligence on the enterprise. Bitcoin is still in the experimental stage, the probability of 80% finally fail to zero, because the value of bitcoin is basically driven by the acceptance of the people.”
 
More direct obstacle is the application of the start-up of the Middle East and North Africa lack of development. The report pointed out: “no one in the GCC bitcoin trading platform, but it also mentioned about how to open a cover digital currency exchange basic bitcoin trading platform.
 
At present, the report guide investors can choose for example bitcoin investment trusts and other international investment institutions. It consists of CEO Barry Hilbert is a leader, investors applauded investment tools without the risk of bitcoin price changes, such as direct access to ownership purchase, storage and safekeeping of bitcoin”.
 
Bitcoin can improve oil trade

 
The report found that the more interesting is that bitcoin can save costs for oil exporting countries. According to Markaz, the industry currently accounts for 90% of the GCC export and 75% of government revenues, must also deal with receiving payments from all over the world.
 
Specifically, that bitcoins can be used to reduce the balance of payments settlement time, it said that the current processing time in one to three days.
 
The report also envisaged the potential use of bitcoin technology widely, can improve the region’s oil trade, pointed out: “the transformation combined with bitcoin payment system can save cost, time and paperwork. Or accept the same payment can be more convenient for the area between GCC and the entire Middle East transfer funds.”
 
Careful

 
Markaz also studied bitcoin future road, informed insiders believe that significantly affect the 10 years before the Middle East region may be affected by the bitcoin technology.
 
Markaz concluded that bitcoin to catch up with Visa and MasterCard’s trading volume and a long way to go “, the reason is that Coinmetrics data show that bitcoin daily trading volume is $89 million.
 
The potential barriers will ultimately affect bitcoin as a currency and payment system, the report said, most likely from the conservative government need to wait for other jurisdictions in legislation, but on the whole still lack of recognition of bitcoin.
 
Therefore, Markaz warned that bitcoin is a high risk investment opportunities: bitcoin depends on people’s approval to lay the foundation. If you accept not widely, bitcoin may disappear into oblivion in the internet.”

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