When the biggest cryptocurrency exchange in the world decided in December to set up an advisory council in Dubai, bitcoin fans there cheered. Binance would be the crown jewel of the city’s cryptocurrency industry and help it promote itself as a center for digital assets.
In the summer of 2021, the price of DubaiCoin, which was advertised as the city’s digital currency, went up by 1,000% in just 24 hours. When it was found out that it was a fake currency made up to get people’s investment information, it stopped making a big deal in the news.
This may not be good news for cryptocurrencies, but it shows how appealing they are to investors in the Middle East and their hopes and dreams.
YouGov did a survey around the world and found that people in the United Arab Emirates trust cryptocurrencies the most. Adults in Qatar, Iraq, and Kuwait, on the other hand, are the least likely to trust payments based on the blockchain. But it’s clear that cryptocurrency is here to stay and will make it easier for more people to get money. As of 2017, about half of the people in the Middle East do not have a bank account, while about 70% of the people now have access to the internet.
This makes it easier for people to get money out of or put money into their accounts. El Salvador is the only country in the world where bitcoin, a type of cryptocurrency, can be used legally. In most countries, central banks are not in charge of digital assets. Instead, securities regulators are.
The Central Bank of the United Arab Emirates (CBUAE) doesn’t take it as a form of payment, which is different from how the CBB feels about it. To get the most out of their bitcoin trading, traders may use platforms like bitqt.
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In other places, there is more doubt. In September, China said that it is against the law to do any kind of business with virtual currencies. The UK made it hard for Binance to do business during the summer. Soon after that, the US Securities and Exchange Commission said that “fraud, fraud, and abuses in some applications” are common in the cryptocurrency sector.
Young investors are responsible for most of the growth of the cryptocurrency business in India. But the country’s government hasn’t decided yet how it will regulate the business, and a total ban is still a real possibility.
Because the financial industry makes up 17% of Bahrain’s non-oil GDP, the country passed a full set of rules for regulating cryptocurrency exchanges in 2019, putting it far ahead of other Gulf states.
Bin Sulayem said that Dubai is a good place for crypto companies because the city is open to the idea of cryptocurrencies and wants to make rules for them.
Iran says, “We’ve never been this close to an agreement as we are now.” It’s very important to know what’s going on in the Middle East.
The US and Iran have been meeting in Vienna since April to talk about things in a roundabout way. The minister said that as long as there were new sanctions against Tehran, Iran would not talk directly with the U.S.
The deal between India and the UAE should bring in $100 billion in a trade that doesn’t involve oil. On Friday, India and the United Arab Emirates signed a very important trade and investment deal.
Talal said this in an interview with Zawya not too long ago. When asked why cryptocurrency exchanges are opening offices in the Middle East, these answers were given:
The United Arab Emirates (UAE) set up the Virtual Asset Regulatory Authority at the beginning of this year (VARA). VARA is a brand-new organization that was created just to keep track of digital and crypto assets. Since the rules are now clearer, crypto companies have started moving their operations to the area.
The market for cryptocurrencies is in a bear cycle, which Talal doesn’t think is unusual. He thinks that cryptocurrencies will be the money of the future and that their value will continue to rise over the next few years.