Dubai Embraces Cryptocurrency and Blockchain Technology

In 2016, Dubai government drew a line in the sand when they delivered their Blockchain Strategy which will make Dubai the first blockchain powered government asserting themselves as a global technology leader.  

 

 

“Adopting Blockchain technology Dubai stands to unlock 5.5 billion dirham in savings annually in document processing alone — equal to the one Burj Khalifa’s worth of value every year.”

 

The commitment is to have all government document processing on the blockchain by 2020.

 

Towards the end of 2017, Dubai signed a deal to create digital currency emCash.  Emcredit, a subsidiary of Dubai Economy, and UK-based Object Tech Group Ltd have partnered to set up to develop and implement emCash, an encrypted digital currency.  emCash will be used to pay for government and non-government services in Dubai.

 

Using blockchain technology, emCash will be the digital currency in emPay wallet will support contactless payments and the near field communication (NFC) option on their smartphones.

 

 

In another positive move to embrace cryptocurrency early 2018, Dubai gold trader Regal RA DMCC is the first company in the Middle East to get a license to trade cryptocurrencies, stated Dubai Multi Commodities Centre.

 

The company stores Bitcoin, Ethereum and other cryptocurrencies in a vault located in DMCC headquarters in Almas Tower in Dubai as investors in large amounts of cryptocurrency are hesitant to store coins in online wallets due to the risk of hacking, identity theft and malware. Cybersecurity is vital.

 

According to a report by Bloomberg, “Regal RA is working on developing a fully regulated and compliant online trading platform for crypto-commodities for the near future, said Ksenia Kiseleva, manager of the company’s Dubai office. “We look at them as a commodity not as a method of payment,” she said. “There is growing demand in the U.A.E. and worldwide.”

 

Besides trading and investing in cryptocurrency in Dubai, just recently Fifty luxury apartments have been sold, according to the UK-based development team behind them, Michelle Mone and Doug Barrowman.  Apartments were sold with prices ranging between 15 Bitcoin (now around $120,000 or AED450,000) and 45 Bitcoin ($360,000 or AED1.35m).

 

It is clear that Dubai is most certainly a country embracing cryptocurrency and the technology behind it, blockchain.

 

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