RATE Group | Notes From the WEF: Oil-Producing Nations Want Dollar Alternatives, Just Not Bitcoin
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Notes From the WEF: Oil-Producing Nations Want Dollar Alternatives, Just Not Bitcoin

25 Jan Notes From the WEF: Oil-Producing Nations Want Dollar Alternatives, Just Not Bitcoin

Posted at 20:54h in Bitcoin News by

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DAVOS, Switzerland – Most Middle Eastern elites at the World Economic Forum are highly skeptical of bitcoin, but there are whispers about its potential for cross-border settlements in the energy sector. 

According to Egyptian businessman M. Shafik Gabr, chairman of the ARTOC Group for Investment & Development, some Middle Eastern nations are already exploring the possibility of settling oil contracts in bitcoin. But he declined to specify which, and most of the leaders gathered in Davos for the annual conference that wrapped up Friday are adamant they see bitcoin’s post-sovereign nature as anathema. 

Fellow Egyptian investor Ahmed Heikal, CEO of Qalaa Holdings, said he’s not bullish on bitcoin because it “doesn’t have the legal framework” for such wholesale deals. If nations or energy enterprises are to use bitcoin, he argued, it won’t be for at least another decade. 

Delegates from Oman to the United Arab Emirates and Saudi Arabia all expressed similarly dismissive…

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