According to a recent study, over sixty-five percent of Oman's crypto currency owners have at least a bachelor's degree.
A recent poll conducted by Souq Analyst concluded that around 65,000 residents of Oman own bitcoin and other types of crypto currency.
According to the statistics, the level of crypto awareness in the Arab state is exceptionally high, despite the percentage of crypto holders in the country being relatively low (it accounts for roughly 2% of the adult population).
Souq Analyst offers (1) the audience a variety of financial resources, including charts, portfolio analysis, investment suggestions, and market news and analysis. Additionally, the community provides views particular to a nation on topics such as banking, crypto currency, crowd funding, and investment.
The number of people in Oman who know crypto currency is quickly growing. According to the study, an astounding 98% of Oman's adult population knew of crypto currencies, indicating a growing awareness of the concept.
Bitcoin is Very Popular in Oman
Over 55% of participants answered ownership of Bitcoin, making it the most common crypto currency in Oman's crypto owners' portfolios.
And since it can be used for a wide variety of purposes, Ethereum comes in at number two, followed by XRP, Tether, and various other alternative crypto currencies.
According to the study's findings, approximately one-fourth of the interviewees had completed their high school education. According to another finding in the survey, the majority of people who possess crypto currencies in the country are aged between the ages of 18 and 44.
Many of those who own bitcoins view crypto currency as a more trustworthy alternative to conventional forms of currency. Over twelve percent of people surveyed stated that they possess crypto currency assets worth more than ten thousand Omani Rials (OMR).
More than 35 percent of these respondents had crypto assets with a value of less than $259 at the survey time.
Playing It Safe For The Long Term
The survey also shows that 62% of bitcoin owners plan to make long-term investments, 25% of bitcoin owners use digital assets to educate themselves about crypto currencies and education, and 23% of bitcoin owners trade bitcoins daily.
The Capital Market Authority (CMA) of Oman is looking to regulate crypto (2). This action is a move that reflects the favorable posture that the Gulf Cooperation Council has toward crypto assets and the proactive fintech orientation of the regulator.
During the IFN Oman Forum 2022, CMA specialist & consultant Kemal Rizadi Arbi made the following statement:
"We intend to regulate any and all digital assets in Oman, with the sole exception of the country's payment system, which will continue to be overseen by the central bank... We are working toward putting something concrete in place by the end of the year."
Several countries worldwide, including Algeria, Bangladesh, China, Egypt, Tunisia, Morocco, and even Qatar, have passed legislation that makes it illegal to trade in crypto currencies. On the other hand, the primary economies of the GCC are leading the way in the adoption of virtual currencies, albeit in various forms.
During this time, it has been rumored that the Central Bank of Oman, also known as the CBO, is working on developing its own digital currency for use by the central bank.
In tandem with the CMA, the country's Central Bank has been ramping up its digitalization efforts. It developed a regulatory sandbox in 2022 and is researching open banking. This is being done in order to encourage digital innovation.