Virtual currency and us

A new, growing, and modern nation, the UAE is ever-ready to lead with the latest advancements and innovations. How keen then has the government been on accepting Bitcoin? As the digital asset surged in worldwide popularity over the past few years, it became a buzzword around the local banks and businesses.

Although in early 2017 there was some talk of a regulation which prohibited the use of virtual currencies in the UAE, the government later announced its plans to develop legislation around Bitcoin trade and blockchain technology in order to boost the region’s smart government and fintech endeavours.

By the last quarter of 2017, the country’s interest in Bitcoin saw tremendous growth — information sessions for prospective investors started popping up all around town and digital exchanges became a hot topic.

The buzz hit the real estate markets as well with some developments allowing buyers to purchase property in Bitcoins, and landlords accepting rent payments from tenants in the form of Bitcoin transfers to their e-wallets.

If ‘Gold to Go’ vending machines weren’t enough, in December, two UAE companies — NCR Corporation and CoinHub — partnered to create Bitcoinenabled ATMs, allowing investors easy access to their cryptocurrency funds via cash withdrawals.

For now, Bitcoin enjoys huge demand in the UAE. Time will tell if it’s a trading trend or an investment norm.