According to the conclusion of a recent Souq Analyst survey, about 65,000 people in Oman own bitcoins and other forms of cryptocurrencies.
Despite the relatively low proportion of crypto owners (almost 2% of the country’s adult population), these statistics show that crypto knowledge in Arab countries is very high.
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The level of crypto awareness in Oman is rising rapidly. The study revealed that a remarkable 98% of Oman’s adult population had heard of cryptocurrencies, indicating growing awareness.
Chart: Souq Analyst
Oman loves Bitcoin!
Bitcoin is the most popular cryptocurrency among Omani crypto owners, with more than 55% of respondents indicating ownership.
And due to its wide range of applications, Ethereum ranks second, followed by XRP, Tether, and other alternative cryptocurrencies.
The study showed that about a quarter of the respondents had completed high school. The report also revealed that 90% of cryptocurrency owners in the country are between the ages of 18 and 44.
Chart: Souq Analyst
A large percentage of bitcoin owners consider their ownership a safe alternative to traditional money. More than 12% of respondents said they have crypto assets worth more than 10,000 Omani Rials (OMR).
More than 35% of these respondents have crypto assets with a dollar value of less than $259.
Chart: Souq Analyst
Bitcoin Investment: Going For The Long Haul
The data also revealed that 62% of bitcoin owners intend to make long-term investments, 25% use digital assets to gain more knowledge about cryptocurrencies and education, and 23% trade daily.
Oman’s Capital Markets Authority (CMA) is currently reviewing crypto asset guidelines, a move that demonstrates the Gulf Cooperation Council’s positive attitude towards crypto assets and the regulator’s proactive fintech orientation.
CMA specialist and advisor Kemal Rizadi Arbi stated during the Oman IFN Forum 2022:
“We plan to manage all digital assets in Oman except the payment system, which is under the purview of the central bank … we hope to do so by the end of the year.”
Several countries, including Algeria, Bangladesh, China, Egypt, Tunisia, Morocco, and even Qatar, have banned cryptocurrencies. On the other hand, the main economies of the GCC are pioneering the adoption of virtual currencies in one way or another.
Meanwhile, the Central Bank of Oman (CBO) is said to be developing its own central bank digital currency (CBDC).
In addition to the CMA, the central bank has stepped up digitization initiatives. It is evaluating open banking and by 2022 implementing a regulatory sandbox to stimulate digital innovation.
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