Ripple’s survey highlights the transformative role of cryptocurrency in the Middle East and Africa’s financial landscape. Notably, 52% of respondents prioritize enabling payments using blockchain currencies, while 47% focus on accepting such payments. This highlights the growing importance of digital currencies in facilitating regional financial transactions.

Ripple’s Managing Director for the region, Reece Merrick, underscores the emphasis on cross-border payments through blockchain, noting its priority for 38% of institutions. This shows a regional shift towards utilizing blockchain to streamline international remittances and transactions efficiently.

Merrick underscores the UAE’s leadership in the crypto space, citing progressive regulations that position it as a global hub for digital assets. The presence of dirham-backed stablecoins and supportive legal frameworks enhance cross-border payments, making the UAE pivotal in advancing the digital asset landscape.