
The Kuwait Financial Centre (Markaz), one of the leading asset management and investment banking institutions in the region has been making some waves online the past few days after publishing a research report in which they wrote about the potential for bitcoin in the GCC. In one section they also talk about how bitcoin could save the oil industry time, money and paperwork.
GCC region depends heavily on oil exports, (90% of exports and 75% of government revenue). As a result, they receive payments from all over the world. International payments might take close to 1-3 days or sometimes even more owing to different time zones. Revamping the payment system in line with bitcoin systems will yield in savings in terms of cost, time and paperwork involved. Alternatively the same payment method could be adopted for fund transfers among the GCC regions as well as the whole of Middle East.
The report is 25 pages long and I haven’t gone through it all yet but from what I saw the report covers a large variety of subjects and if you have any interest in bitcoin or want to understand it better than it should prove to be a good read. You can download the PDF from their website but registration is required. Here is the [Link]
Thanks Gary


















