Tech News, Magazine & Review WordPress Theme 2017
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
No Result
View All Result
The Daily Hodl
No Result
View All Result

Dubai’s Blockchain Plans and the Future of Crypto

by Aubrey Hansen
July 12, 2018
in HodlX
‏‏‎ ‏‏‎ ‏‏‎ ‏‏‎

HodlX Guest Post  Submit Your Post
 

While the Middle East is still mostly apprehensive about cryptocurrency, it seems that the United Arab Emirates is taking a slightly more welcoming approach. The current financial structure of Dubai means that some banks are able to facilitate cryptocurrency transactions, although this privilege is not provided to all institutions. This means that the average Emirati citizen can buy cryptos, but it might still be a headache to do so. However, this could change and the situation could become much more relaxed as the Prime Minister of Dubai has announced long-term plans to bring blockchain technology to the country.

As all crypto fans know, when blockchain technology is embraced, crypto often follows too. The strategy outlined by the government plans for 50% of federal and industrial transactions to be handled through blockchain technology by 2021. This includes the transporting of paperless documents. To further this strategy, UAE has partnered with IBM to help the country regulate transactions and keep operations running smoothly during the transition period. To help with this project, Dubai has issued a division of their government, the Smart Dubai Establishment, to plan for the implementation of blockchain services.

Interestingly, while a major focus on blockchain technology is being placed in the government, the regulations regarding actual cryptocurrency is still confusing and murky. Current financial legislation does not cover or recognise cryptocurrency as money. However, an official recognition of Bitcoin and other coins could be in the works.

Currently, many believe that when UAE decide on an official stance, they may choose to only allow local cryptocurrency exchanges to operate within the country. This type of behavior is partially happening in Afghanistan already as international exchanges are struggling to reach the country. It is also common for some Middle Eastern countries to try and keep their wealth within their borders. For example, it is illegal to take Morocco’s national fiat currency out of the country.

If this is the case, that will mean that only local Dubai exchanges will be able to facilitate crypto trades. This would be unfortunate as only a handful of local exchanges exist, and only some of them are trustworthy. However, it is not hopeless as the current governmental situation has led to the creation and rise of a thriving set of crypto exchanges which locals can take advantage of today. One of which is Palmex, which has trading pairs with fiat (Emirati Dirham) as well as 24/7 hour support. Palmex also contains advanced trading tools for day-traders.

Another exchange with headquarters in Dubai is RightBTC, which facilitates trades in popular coins such as Bitcoin, Ethereum, and Bitcoin Cash, but also houses much more obscure coins and tokens too such as CEEK and Utrum. This means that native Emirati users can depend on it for most (if not all) of their crypto trading behavior. The fact that RightBTC also runs regular airdrops helps to build trust among its fans.

While people eagerly wait to see what the United Arab Emirates decide to do with cryptocurrency, users can rest easily knowing that during this process, there are still a handful of local exchanges which they can regularly rely on.

 
Check Latest Headlines on HodlX


Follow Us on Twitter Facebook Telegram

Check out the Latest Industry Announcements
 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Submit a Press Release

Crypto Livewire – Press Releases

  • Student Coin Found New Ways to Use Crypto
    February 24, 2021
  • Everest Receives Crypto Custodian Approval
    February 23, 2021
  • Here’s How Traders Are Staking Crypto Assets Without the Hassle
    February 18, 2021
  • 99Bitcoins Takes Over the Dead Coins Project to Become the Cryptocurrency Undertaker
    February 17, 2021
  • Coinsbee Makes Spending Bitcoin Easy
    February 17, 2021
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$51,582.00
$51,582.00
4.53%
Ethereum
$1,655.69
$1,655.69
1.1%
Binance Coin
$258.56
$258.56
0.69%
Polkadot
$34.63
$34.63
1.12%
Cardano
$1.07
$1.07
4.55%
XRP
$0.476494
$0.476494
0.62%
ADVERTISEMENT

Spotlight

  • Here’s How To Find New Generation of 100x Altcoins, According to Crypto Trader Elliot Wainman
    February 20, 2021
  • This Low-Cap Altcoin Will Disrupt Gaming and Become Top Crypto Asset of 2021, According to Trader Ben Armstrong
    February 23, 2021
  • MicroStrategy Prepares To Purchase $1,030,000,000 in Bitcoin After Completing Debt Offering
    February 21, 2021
  • Ripple Lawyer Says Crypto Companies Engaged With SEC, Concluded They Could Support XRP
    February 25, 2021

DON’T MISS A BEAT

Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options

By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.

Check your inbox for confirmation email.

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX • Explore • Futuremash •
Crypto Livewire

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2021 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro

© 2020 The Daily Hodl

×
We use cookies to give you the best online experience possible. Continue browsing if you are happy with that, or see how to manage cookies.