Egypt has positioned itself at the center of the regional blockchain conversation by hosting a high-profile gathering of global and MENA-based Web3 leaders. The meeting, organized by the newly established Arab Blockchain Center in partnership with Pravica and the Arab Academy for Science, Technology, and Maritime Transport (AASTMT), focused on developing practical blockchain use cases to accelerate economic transformation across the region.
A Convergence of Web3 Pioneers
The event brought together key figures from the blockchain world, including Kostas Kryptos Chalkias, Co-Founder of Mysten Labs (the company behind the Sui blockchain), Mohamed Abdou, CEO of Pravica, Georgios Siourounis, CEO of xMoney Global, and Tony Amer, CEO of EMURGO Labs. Their discussions centered on leveraging blockchain technology in critical sectors such as finance, logistics, academia, and government services.
Targeting High-Impact Use Cases
A major focus of the discussion was the application of blockchain for cross-border payments, digital identity, and secure documentation. These use cases are particularly relevant for Egypt, where remittances from abroad constitute 9% of the nation’s GDP, amounting to approximately $35 billion annually. By enhancing the security and efficiency of these transactions, blockchain could deliver significant economic benefits.
Building a Foundation for Financial Inclusion
Leaders at the event emphasized blockchain’s potential to foster greater financial inclusion. Chalkias noted that Sui’s unique architecture is well-suited for building scalable financial applications and enabling true asset ownership for users. Echoing this sentiment, Pravica’s Mohamed Abdou outlined an ambition to build an “on-chain banking 2.0” ecosystem to provide secure and efficient services for remittances and lending, catering to the region’s vast unbanked and underbanked populations.
Navigating Regulation and Seizing Opportunity
While Egypt currently bans cryptocurrency trading, the government is actively exploring the underlying blockchain technology for transformative projects. These include applications in trade finance, logistics, carbon markets, and the potential development of a Central Bank Digital Currency (CBDC). With over 98% of Egyptian businesses being micro, small, or medium-sized enterprises, the strategic integration of blockchain presents a transformative opportunity for the nation’s financial and digital future.
About The Arab Blockchain Center
The Arab Blockchain Center is a newly established institution based in Egypt aimed at fostering blockchain innovation, education, and adoption across the MENA region. It collaborates with academic institutions, technology companies, and policymakers to develop and promote practical blockchain solutions for economic and social development.
Source: MEA Tech Watch
