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The Impact of Blockchain and Crypto Currencies in UAE

Dubai has established itself as the global hub for Innovation and technologies. The government and the rulers were always keen to observe and experiment with the latest technologies. As the latest revolution in the financial sector, blockchain technology and cryptocurrency was also warmly embraced by the emirate.

Known as the Fourth Industrial Revolution the UAE government is a leading proponent of blockchain technology. This open mind of UAE to accept latest innovation has been a major attractive factor for many blockchain startups to begin its setting in uae. UAE launched Emirates blockchain strategy aimed at migrating fifty percentage of all government transactions into decentralised technology. As the best company setup consultants in dubai we have helped many companies to kick start their cryptocurrency company in dubai.

Blockchain Technology and UAE Government

The GCC in general, but more specifically the UAE, is moving towards a more technology based economy. Regional governments have already started to experiment with blockchain technology and its potential use in both the public and the private sectors.

BlockChain Council

The Worldwide Blockchain Council was founded in Dubai in an effort to incorporate the most recent innovations and technological techniques on a global scale. The 46 members of the council all have the potential to play important roles in the blockchain business. Numerous government agencies, multinational corporations, well-known banks in the UAE, free zones, and other global blockchain technology companies, such as Microsoft, Du, SAP, IBM, Cisco, TECOM, Dubai Holding, Dubai Multi Commodities Centre, EmiratesNBD, Smart Dubai Office, and Dubai Smart Government, are represented on the council.

Dubai Blockchain Strategy

The Smart Dubai Office and the Dubai Future Foundation worked together to create the Dubai Blockchain Strategy, which was then unveiled by His Highness Crown Prince Sheikh Hamdan. The goal of this collaboration was to continuously research and assess the most recent technological advancements in order to further improve the quality of life for the citizens of the city.

The strategy aims to provide all industries a competitive advantage and establish Dubai as a leader in global technology. In fact, Dubai has the somewhat lofty goal of having and using its own cryptocurrency by the year 2020, making it the first economy in the world to do so. 

Cryptocurrencies operations in UAE

Through Dubai-based BitOasis, a secure platform that provides the MENA region with cryptocurrency trading and storage services, Bitcoins can be purchased and exchanged in the area. Bitcoin is frequently bought as a long-term investment with the expectation that its value will rise sharply over time. Although early adopters have benefited, there is still a lot of volatility.

The ability to purchase fractions or “bits” rather than an entire Bitcoin is a desirable feature of online exchange platforms like BitOasis. Investments can start as low as $10 on some websites. In addition to bank transaction costs, transaction fees typically range from 0.2% to 1% of the currency purchased. Bitcoins are kept in “digital wallets,” which can be either cloud-based or installed on computers. These wallets can be directly connected to a buyer’s bank account, enabling payment via bank transfer, mobile payments, or with a Visa or MasterCard. Bitcoin ATMs, like the one in Dubai Media City, are also available. The main attraction for crypto traders is that with a very small amount, you can start your investing or trading, this is an interesting fact that attracts very common people also to the crypto trading platforms. This has lead to the emergence of many crypto trading exchanges in UAE, As the  best pro service in Dubai, we can help you start your crypto trading business in UAE. Contact our team immediately if you need any further clarification.

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