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Ripple Survey: Blockchain Payments to Revolutionize Middle East and Africa by 2025
In a recent survey conducted by Ripple, the company highlights the rapid adoption of blockchain-based payment solutions in the Middle East and Africa (MENA) region. The findings demonstrate an unprecedented level of interest and commitment from financial leaders towards integrating blockchain technology into their systems.
According to the study, nearly half of the respondents from the MENA region believe that blockchain-based currencies will be used for customer payments by 2025. In fact, a staggering 52% of the participants in the survey prioritize using blockchain currencies for customer payments. This significant majority highlights the profound impact that blockchain technology is expected to have on the financial landscape in the MENA region.
The data further reveals that institutional investors are increasingly embracing digital assets as an integral part of their investment portfolios, with 42% of the respondents expressing interest in trading other digital assets such as tokenized securities or real-world assets. Additionally, a significant 47% of participants indicated their willingness to accept payments in blockchain currencies, underscoring the potential for widespread adoption.
The survey also underscored the importance of cross-border transactions facilitated through blockchain-based systems. A staggering 38% of respondents from the MENA region emphasized the need for more efficient international financial transactions, highlighting a crucial gap that blockchain technology can fill.
UAE’s Regulatory Advances and Blockchain Initiatives
The report sheds light on the UAE’s regulatory advancements as well as its initiatives in blockchain innovation, which have contributed to its role as a global hub for digital asset development. The country’s progressive legal frameworks and the introduction of dirham-backed stablecoins are crucial factors that will further accelerate financial modernization.
In alignment with these findings, economic modernization efforts in Saudi Arabia, Bahrain, Qatar, and Morocco will see increased investment in blockchain integration.
Ripple’s Predictions: Blockchain Integration by 2025
Ripple’s Managing Director for the MENA region, Reece Merrick, emphasized that by 2025, blockchain technology is expected to be deeply embedded within the region’s banking systems. This transformation will revolutionize financial services and improve efficiency in key markets.
In conclusion, the Ripple survey underscores the immense potential of blockchain-based payments in reshaping the financial landscape across Middle East and Africa.
Source: www.crypto-news.net
