Problems with Bitcoin I see in Dubai:
-Online retail is 5-10 years behind the rest of the world.
-Money laundering is a big deal. It is a major through port for terror dollars, drug transhipment and countries circumventing sanctions on Iran amongst other naughty things in the geopolitical world. This means getting a bank account for anything is murderous and heavily regualted.
-The follow on affects from the above and various negative publicity about bitcoin may mean it is regulated out of existence.
-Middle East nepotism is a significant problem and amongst the money transmitting family businesses and other vested interests I think that you would see significant pushback at the top level.
Opportunities:
-Banking in Dubai is archaic. Skip a generation or 2 of payment solution problems. ie The country doesn't even yet have a functioning direct debit system to help you pay rent.
-A huge proportion of the city remit their salaries every month to their home countries. However these are the same people to whom a featurephone is a whopping great purchase so unless someone sets up the infrastructure in their home countries then hold fire.
-There is a growing entrepreneurial class in the city who may be able to push it forward.
Just a couple of items for thought.
I would be interested in attending though and do have some capital to invest in a few small projects if anyone wants although no time to do the actual legwork.
Great stuff, good points,
I spend almost half each year in the Middle East -- mostly UAE and KSA so have lots cooking in addition to the conference
