Strong potential for uptake of cryptocurrencies in Oman

Amid a surge in the global cryptocurrency market, a leading UK-based businessman behind the recent highly-publicised launch of his own digital currency, said he envisions a strong potential for the uptake of cryptocurrencies in the Sultanate.
Amit Lakhanpal, Founder & CEO, Money Trade Coin UK Ltd, who announced the listing of his ‘Money Trade Coin’ digital currency on the NovaExchange, a Swedish based cryptocurrency exchange in September, said the steady rollout of a knowledge-based digital economy in the Sultanate would help incubate and eventually accelerate the growth of a cryptocurrency market in Oman.
“Oman is an important player in the GCC and has been able to build a solid economy based on industries and trade,” said Lakhanpal. “Cryptocurrencies are still unregulated in Oman as is also the case elsewhere across the GCC, as countries have yet to study this matter closely from a regulatory perspective. However on the individual level, Omanis are known to particularly strive for new opportunities and to invest in upcoming economies, such as digital currency. Approximately 40 per cent of Omani businesspersons are considered to be as professional investors very well versed in all types of market trading and traditional banking investment methods whether commodities or stocks and so. Hence the cryptocurrency world offers the same potential for growth and shall de facto be an area of interest,” he added.
The issue of cryptocurrencies and their importance to the national economy in the future will also be discussed at the first-ever Oman Blockchain Symposium, which opens in Muscat today. The 4-day event has been put together by a team grouping nearly a dozen government institutions, including the ‘Office of Science, Knowledge and Technology Transfer at the Ministry of Foreign Affairs, Ministry of Information, Ministry of Commerce and Industry, Central Bank of Oman (CBO), State General Reserve Fund (SGRF), Capital Markets Authority (CMA), and the Information Technology Authority (ITA), among other organisations.

Conrad Prabhu