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01 March 2021

The United Arab Emirates chase crypto and blockchain adoption

The United Arab Emirates chase crypto and blockchain adoption

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Providing his insights on the subject, Mohammed Abbas, co-host of the Dubai Global Blockchain Congress, told Cointelegraph that many projects, such as decentralized ride-sharing platform Drife and blockchain-based fantasy sports ecosystem DeFi Eleven, have been able to attract interest from the private offices of UAE’s Royal Families as well as other big-name players, such as San Francisco-based VCs like the Draper Walled Garden, adding:.

Similarly, on the subject, Marwan Alzarouni, CEO of Dubai Blockchain Center, opined that the UAE — Dubai, in particular — has always been forward-thinking and fast-moving when it comes to any futuristic technology, with cryptocurrencies and blockchain being no different.

On the subject of how the local UAE population views the country’s tech-friendly stance, Rafaty opined that most residents have acknowledged the government’s blockchain initiatives.

Similarly, Alexander believes that UAE residents and businesses tend to embrace new innovation more enthusiastically than most, and cryptocurrency has been no exception

However, he added that for some time now, UAE residents have had some difficulty investing in digital assets, as there have been few legitimate local gateways for crypto exchange, adding:

Lastly, Abbas believes that local residents and businesses in the UAE have quickly warmed up to the utility of the blockchain ecosystem and have been looking at cryptocurrencies as not just another financial instrument for monetary gains but also as a means to exchange and settle transactions among users operating within this domain

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