With cryptocurrencies on the rise, UAE authorities are planning to reshape the country’s virtual economy.
It has been announced that Bitcoin transactions will be legally encouraged in the UAE.
Sheikh Saeed bin Ahmed Al Maktoum’s company, Seed Group, is cooperating with CoinCorner, a renowned provider of Bitcoin and Lightning Network services. It was announced that the collaboration will help promote Bitcoin transactions as a legal tender in the United Arab Emirates (UAE).
Hisham Al Gurg, CEO of Seed Group, pointed out that “in addition to individuals, many businesses are also willing to use Bitcoin and other digital currencies as legal tender for future transactions.” Al Gurg went on to explain that the UAE intends to provide a “growth-oriented environment” for emerging fintech companies. This will be done by “building an ecosystem for digital currencies.” He also believes that “companies dealing in cryptocurrencies have tremendous potential for the Emirates’ digital economy.”
Seed Group wants to help CoinCorner expand its offerings to the Emirates and the entire Middle East. In addition, the privately held company plans to rely on collaboration to effectively market Coincorner’s products and services. As reported, this will allow CoinCorner to reach out to its existing and potential customers and also gain access to “top decision makers in the government and private sector.”
The Bitcoin service provider, on the other hand, plans to “focus on establishing a user-friendly platform” in the UAE. That, CoinCorner says, will pave the way for residents to buy, sell, send, receive and store Bitcoin. In addition, the protocol aims to provide local businesses with solutions for dealing with Bitcoin….
CoinCorner CEO Danny Scott expressed his team’s excitement to “enter into a mutually beneficial partnership with Seed Group.” Scott reiterated CoinCorner’s commitment to making bitcoin transactions the “new normal” in the UAE. This, Scott said, “will be realized through the protocol’s unique solutions that enable instant and frictionless payments.”
UAE looks to reshape its virtual economy
As cryptocurrencies become more prevalent, UAE authorities are planning to revamp the country’s virtual economy. The UAE crypto market ranks third in the Middle East. Its transaction volume is $26 billion and rising.
Recently, Virtuzone, a leading consultancy the UAE, partnered with Binance. Reportedly, the partnership aims to boost the adoption of cryptocurrencies in the country. Virtuzone is now the first company in the UAE to accept payments in cryptocurrencies via Binance Pay. According to Neil Petch, founder and chief executive of Virtuzone, the partnership highlights the company’s commitment to pursuing innovative solutions in the UAE
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