In line with the conclusions of a brand new Souq Analyst survey, about 65,000 of the people in Oman possess bitcoin and other types of cryptocurrency.

Despite the seemingly modest proportion of crypto holders (almost 2% of the country’s adult population), the statistics indicate that crypto knowledge within the Arab state is significantly high.

Souq Analyst provides its community with stock market news and evaluation, investment ideas, charts, and portfolio evaluation. Furthermore, the community provides country-specific perspectives on banking, cryptocurrencies, crowd funding, and investing.

The extent of crypto-awareness in Oman is rising rapidly. The study reveals that a remarkable 98% of Oman’s adult population had heard of cryptocurrencies, showing a growing awareness.

Chart: Souq Analyst

Omanis Love Bitcoin!

Bitcoin is the preferred cryptocurrency amongst Oman’s crypto owners, with over 55% of respondents indicating ownership.

And as a consequence of its diverse applications, Ethereum ranks second, followed by XRP, Tether, and other alternative cryptocurrencies.

The study indicated that roughly one-fourth of the respondents had accomplished highschool. The report also indicated that 90% of cryptocurrency owners within the country are between the ages of 18 and 44.

Chart: Souq Analyst

A sizeable percentage of bitcoin owners consider their holdings as a secure alternative to traditional money. Over 12% of respondents said they own crypto assets price greater than 10,000 Omani Rials (OMR).

Greater than 35% of those respondents possessed crypto assets with a dollar value of lower than $259.

Chart: Souq Analyst

Bitcoin Investment: Going For The Long Haul

The info also reveals that 62% of bitcoin owners intend to make long-term investments,  25% use digital assets to realize more knowledge about cryptocurrencies and education, and 23% trade each 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 toward crypto assets and the regulator’s proactive fintech orientation.

CMA specialist and advisor Kemal Rizadi Arbi stated through the IFN Oman Forum 2022:

“We plan to manage all digital assets in Oman aside from the payment system, which falls throughout the purview of the central bank… we hope to have something in place by the top of the yr.”

Several nations, including Algeria, Bangladesh, China, Egypt, Tunisia, Morocco, and even Qatar, have outlawed cryptocurrencies. Then again, the foremost economies of the GCC are pioneering the adoption of virtual currencies in a single form or one other.

Meanwhile, it is alleged that the Central Bank of Oman (CBO) is developing its own central bank digital currency (CBDC).

Alongside the CMA, the central bank has increased its digitalization initiatives. It’s evaluating open banking and in 2022 it implemented a regulatory sandbox to stimulate digital innovation.

-Featured image by Wanderlust Chloe