Is The UAE Royal Family Considering the Legalization of Bitcoin (BTC)?

• A new partnership in the UAE is keen to enhance Bitcoin transactions in the country and for international settlement.
• The UAE has been one of the most crypto-receptive regions in the world and is increasingly looking for investment opportunities in new technology.

A few months back, United Arab Emirates (UAE) established a new dedicated hub for emerging industries related to Virtual Assets, Blockchain, Cryptography, and Decentralised Ledgers. According to the Dubai government and key stakeholders most notably Binance, this move was in line with the increasing demand for cryptocurrencies among retailers and the increased adoption of blockchain technology by enterprises. The hub ‘Virtuzone’ also became the first company in the UAE to accept cryptocurrencies as payment.

The UAE region is increasingly looking for new investments in its aim to diversify its economy which is largely dependent on oil production. Rapidly growing blockchain technology offers great potential for investment.

In the latest development, the private office of Sheikh Saeed bin Ahmed Al Maktoum, Seed Group has partnered with CoinCorner with an aim to promote Bitcoin (BTC) transactions. Seed Group CEO Hisham Al Gurg stated;

Apart from individuals, a large number of companies are ready to embrace Bitcoin and other digital currencies as legal tender for future transactions. Additionally, the CEO says that companies engaged in cryptocurrencies have a bright future in UAE.

Danny Scott, CEO of CoinCorner noted that through the partnership, the two companies wanted to make cryptocurrency transactions the new norm in the region.

With the government increasingly looking to adopt cryptocurrencies and encouraging its citizens to use cryptocurrencies, the UAE region could soon legalize Bitcoin and other cryptocurrencies. In such an event, the country would be the first major economy to do so. As it stands only El Salvador and the Central African Republic (CAR) have legalized Bitcoin as a legal tender.