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Oman Ramps Up Crypto Investments to Become Digital Hub in the Middle East
The Sultanate of Oman is intensifying its integration of cryptocurrencies, bolstered by a series of multi-million dollar investments this month.
The Crypto Projects In Oman Fit Into A Larger Trend Of Middle Eastern Countries Accepting Cryptocurrencies
The Sultanate of Oman, strategically positioned on the Arabian Peninsula’s southeastern coast, is intensifying its integration of cryptocurrencies, bolstered by a series of multi-million dollar investments this month.
As part of its strategy to position itself as a digital hub in a competitive region, Oman has announced significant investments in cryptocurrency mining operations.
In August, the government of Oman disclosed intentions for roughly $800 million in new investments in cryptocurrency mining. Notably, on August 23, a $300 million agreement with the Phoenix Group in Abu Dhabi was announced. With Green Data City, Oman’s first authorized crypto-mining organization, this partnership seeks to create a 150 megawatt crypto-mining farm. The farm will be open for business the following year. Muscat had already approved a $370 million facility run by Exahertz International that was expected to house 15,000 additional mining machines by October.
Said Hamoud al-Maawali, Oman’s Minister of Transport, Communications, and Information Technology, lauded these investments as a “major milestone” in boosting the nation’s digital economy.
The crypto projects in Oman fit into a larger trend of Middle Eastern countries accepting cryptocurrencies. Oman’s actions reflect the growing acceptance of cryptocurrencies in countries with a Muslim majority, despite ongoing concerns about whether they are compatible with the tenets of Islamic banking. The Middle East and North Africa were identified by Chainalysis as the fastest-growing crypto markets in 2022, indicating the region’s rapidly expanding cryptocurrency marketplaces.
The United Arab Emirates stands out as a crypto-friendly hub despite different legislative approaches within Muslim-majority nations, while other nations like Turkey have complex policies that permit trading but limit usage for payments.
