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  • Writer's pictureRicardo

HOW THE UAE HAS ACCEPTED CRYPTOCURRENCY

Updated: Nov 14, 2022


Cryptocurrency is an encrypted and digitized currency which functions using the blockchain technology. The blockchain technology acts as a decentralized public or private ledger which keeps record of the transactions between two or more parties. In this very technology, the feature that stays attractive to global investors is the feature of "decentralization".


As at 2008, the words "Blockchain" and "Bitcoin" were foreign and strange to the economic sector and general public in the United Arab Emirates(UAE). This was when Satoshi Nakamoto began this Bitcoin and Crypto phenomenon. He took proper advantage of the features and characteristics of the blockchain technology to create the now most-renowned cryptocurrency in the world, Bitcoin.


Today, with one of the world’s first cryptocurrency deep “cold storage” companies operating in Dubai, it is clear that tides have shifted and the UAE cryptocurrency is actively becoming part of this global trend.


In an attempt to become a starting force in blockchain technology, the UAE has launched the UAE Blockchain Strategy 2021, aiming for when 50% of government transactions will be conducted using blockchain technology by 2021. To solidify its goals, regulations on the use of crypto assets, including cryptocurrencies, have recently been legalized.


Even in having several regulations, entities in the UAE have incorporated the use of blockchain technology in their operations.


The Government of Dubai has made attempts to push the use of blockchain technology by bringing in the “Dubai Blockchain Strategy” into the economy. Upon successful implementation of this strategy, Dubai plans to become the very first “blockchain powered government”. In lieu of this, the Dubai Land Department (DLD) is developing its own blockchain system to record all real estate contracts and link DLD with utility companies such as the Dubai Electricity & Water Authority. The blockchain system will also allow tenants to make payments electronically, which would lead to such transactions being paperless and therefore less expensive.


On the 29th of August, 2022, Virtuzone - UAE's top company formation specialist, champions a strategic partnership with Binance, becoming the first corporate services company to initiate such a strategic partnership.


Virtuzone joins the list of other mainstream corporations in the UAE to officially accept cryptocurrency payments as Binance Pay is included in its payment options. This is one out of several other partnerships the UAE government and private enterprises have made with cryptocurrency firms.


Another innovation that could change or shift the trajectory of crypto transactions in UAE is Zedpay. Zedpay is the latest innovation from the ZED International Company. It is a new way to spend crypto while also connecting with the world. This is a unified platform that helps individuals and businesses transfer money and accept payments globally.


Zedpay fills in as a good alternative to Binance, as the app was created to be a bridge to connect parties involved with everyday business transactions; whether to make payments for online purchases, to send money to anywhere in the world, to trade in crypto, Zedpay has all the features to satisfy such concerns.

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