Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: KryptoBull on August 20, 2024, 09:03:59 AM
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UAE is a wealthy country renowned for its oil and strategic position in global financial transactions. In 2017, many crypto projects held events in Dubai to showcase their wealth and success, however, unfortunately, the UAE has since been less frequently mentioned in the blockchain and crypto community.
Recently, we have received positive news from the UAE regarding the widespread acceptance of crypto. Dubai Court of First Instance has ordered an employer to pay a portion of an employee's salary in crypto. The court's acceptance of the crypto as legal tender for salary payment is a testament to the growing maturity of the digital asset market and the UAE commitment to fostering innovation. As the UAE positions itself as a global crypto hub, this ruling serves as a powerful endorsement of its ambitions.
“This decision reflects a broader acceptance of cryptocurrency in employment contracts and highlights the court’s recognition of the evolving nature of financial transactions within the Web3 economy.” [1]
It is very difficult for us to hope that crypto will soon be used as a legal payment method in all daily microtransactions, but this decision can open up many use cases for crypto in other areas of the economy [2]. I consider this the first step for the UAE to adopt a crypto strategy on a national scale, similar to what El Salvador is doing with BTC.
The UAE economy is many times larger than El Salvador's (504B USD >> 34B USD) so I hope that crypto will soon receive a large inflow of capital from this country to escape the current boring adjustment phase. At the same time, CZ is about to complete his prison sentence, I hope the UAE can take advantage of CZ's intelligence and prestige to promote the development of crypto in this country.
I would like to know your opinion on this issue:
- Will crypto succeed in the UAE like it did in El Salvador?
- Do you expect new capital from the UAE to flow into the crypto market?
- Do you think the UAE could soon become a crypto hub?
References:
[1] Dubai court recognizes crypto as a valid salary payment (https://cointelegraph.com/news/dubai-court-recognizes-crypto-salary-payments)
[2] How The UAE Became A Crypto Hub Poised For Explosive Growth (https://www.forbes.com/sites/digital-assets/2023/11/16/how-the-uae-became-a-crypto-hub-poised-for-explosive-growth/)
Note:
- My opinion has been presented in a topic, on BitcoinTalk forum (https://bitcointalk.org/index.php?topic=5506698).
- This topic on AltcoinsTalks forum has included a minor change in the way my opinion is presented.
- This statement is to avoid accusations of plagiarism.
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If the judiciary court of law could accept crypto currency for payments then ideologically there is everyone possibilities that UAE government would advance to adopt the legal tendering as official other mean of payments in the present or absent of their AED because the court is an overall of the government which practices what is expected by the people.
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- Will crypto succeed in the UAE like it did in El Salvador?
- Do you expect new capital from the UAE to flow into the crypto market?
- Do you think the UAE could soon become a crypto hub?
1. Depending on the definition of success", i would say no since you can't pay with cryptocurrency on UAE.
2. From this news (accept crypto as salary) alone? Most likely no. I only expect cryptocurrency company would offer it's worker to be paid in cryptocurrency.
3. I don't know.
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I think it is good idea for courts in UAE as they are starting accepting cryptocurrency as payment. This could be important step towards government accepting it as valid form of payment. If courts accept it it will make cryptocurrency more credible and might lead to it becoming official way to pay.
This will fit with UAE goal of being a leader in innovation and technology. It will also show that government is willing to adapt to new ideas and meet changing needs for people. If courts start accepting cryptocurrency government may follow it too and we may see it become official way to pay in UAE it will possible even instead of traditional currency AED or may be they can release CBDC.
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1. Depending on the definition of success", i would say no since you can't pay with cryptocurrency on UAE.
2. From this news (accept crypto as salary) alone? Most likely no. I only expect cryptocurrency company would offer it's worker to be paid in cryptocurrency.
3. I don't know.
Yeah you have a point. If the UAE isn't going to be accepting crypto as a legal form of trade or as a regular accepted form of payment then there isn't even a need for them to allow people to get their salaries paid in crypto. If you should actually come to think about it, it isn't as easy as most people think it is to invest with money earned from salary pay. It's not really necessary if the person would still have to sell those coins online to be able to get their regular fiat to spend.
Crypto has to first of all be a legal tender there for crypto investment and holding to have an advantage there. Most people will see it useless to invest in something they can't make payments directly with.
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1. Will crypto succeed in the UAE like it did in El Salvador?
I think El Salvador is quite a very different example all because it is a country that has no official national currency and it then adopted Bitcoin as such. UAE has a big potential though of becoming a big player in the crypto market all because it is a country whose people are known to possess large assets that can be converted to crypto as investments. And the government is recognizing crypto as legit asset so its people can participate in the industry openly.
2. Do you expect new capital from the UAE to flow into the crypto market?
Yes, of course, since this is a wealthy nation and so the people maybe attracted to invest heavily with crypto assets especially Bitcoin and Ethereum, for that matter. Hopefully, something can be done to put more excitement into the crypto industry in UEA so more people will join us there.
3. Do you think the UAE could soon become a crypto hub?
There is a big possibility for that but I think there also other countries in the Middle East region who are looking into the same thing. This all depends a lot on the government itself and the players who will join its vision of making UEA a crypto hub...but given its potential I see no reason why this will not come true soon.
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I wonder if this kind of thing happened many times already. I also want to know if the employee really wanted it. There's a chance that this might just be an experiment as well. Nevertheless, seeing one employee being paid half of his salary through Bitcoin is a good move, but nothing significant unless the adoption there will be much higher or instances like this where many employees will accept their salary through Bitcoin will increase.
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I would like to know your opinion on this issue:
- Will crypto succeed in the UAE like it did in El Salvador?
- Do you expect new capital from the UAE to flow into the crypto market?
- Do you think the UAE could soon become a crypto hub?
1. TBH, it's hard to predict. I mean nobody expected that El Salvador will be the first country to accept Bitcoin as a legal tender. For me, it's hard to know if UAE will be the next one.
2. Yes, but it will be a gradual process and it will not happen overnight or in a few weeks only. It will take time before we feel the effect of the new capital coming from UAE. We don't even know if crypto will be adopted by many people in UAE as well.
3. There might, or there might not be. Whatever happens, I guess UAE is very interested in adopting cryptocurrency.
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I would like to know your opinion on this issue:
- Will crypto succeed in the UAE like it did in El Salvador?
- Do you expect new capital from the UAE to flow into the crypto market?
- Do you think the UAE could soon become a crypto hub?
1. I hope that UAE will be the next place to witness the success of crypto when it allows crypto to penetrate deep into the economy. Initially, it will be salaries, followed by large and small payments within the economy, and crypto will become an indispensable part of UAE society.
2. UAE is a wealthy country, if just a small portion of people's assets flows into BTC, we will already have seen impressive growth of BTC and many tokens in this market. I'm waiting for the bullrun so I won't reject any cash flow or opportunity.
3. Many countries want to become crypto-hub, including Hongkong and the US, but right now it's difficult to determine which country will be crypto-hub in the future. We will continue to follow and wait for their success, the race to become a crypto-hub can actually promote the development of crypto on a global scale.
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I don't really have much knowledge in the legality but I am sure court doesn't has the authority to announce something as a legal tender so in this case things are misinterpreted a bit, it's just asked the employer to pay a portion in crypto and the reason for that can be known only if we analyse what the actual case is.
UAE has been always crypto friendly but I am not sure they reached a position of making it as legal tender but if they do then it's bigger than El Salvador and will take crypto adoption to next level.
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UAE has long expressed its willingness to embrace crypto. But they could not implement it that way. The country is trying its best to create a crypto hub. UAE is also becoming known as a paradise for crypto enthusiasts. UAE is open to people from around the world who can not using crypto in their country. I think the country is moving forward and they will move further in the future. Like El Salvador in the future, they will support crypto massively. We have already got a proof that they have now issued a legal notice to partially pay their salaries using crypto.
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If I am not mistaken, the UAE has long been a crypto hub for crypto enthusiasts. Years back, there have been series of crypto/blockchain functions held in the nation and it has got lots of crypto organisations and people trooping into the country. The government as well plans to develop a crypto city/mining farm for crypto enthusiast and since then, there have been lots of development as regards crypto and blockchain in the country.
I am not surprised to seeing such news of this nature because I have long anticipated development of this nature in the UAE. I believe the country is far advanced in welcoming technological development and are ready to make every neccessary commitment to making sure they are ahead in technology. In less than no time some Asian countries would follow their step and that is how adoption begins.
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If I look at that news in the UAE, it is good news for us crypto enthusiasts, honestly speaking, because the percentage of our crypto users in the crypto industry will increase again.
Now the question is, are there any companies in the UAE that have implemented that update for their employees? Then what percentage will the employers allocate there? Is it 100% of their employee's salary or just some portion?
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If I look at that news in the UAE, it is good news for us crypto enthusiasts, honestly speaking, because the percentage of our crypto users in the crypto industry will increase again.
Now the question is, are there any companies in the UAE that have implemented that update for their employees? Then what percentage will the employers allocate there? Is it 100% of their employee's salary or just some portion?
I'm sure there will be pros and cons about this, there will definitely be many people who disagree. Of course because the value of crypto fluctuates very high, unless they are paid using stable coins. And if they have determined payment with crypto, it will definitely be top news, not only there but also will spread to all corners of the world. It might also have a little effect, considering that the UAE is a big country.
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Many more positive news, will give good effects, of course. This is one of them. UAE is an area that is very well known for its great financial situation. And crypto has not been used often there?
Oh, maybe this is the official rule. Actually, if it becomes good news, then it might have a little impact on the market getting better. However, it may not last forever. But what is certain is that if more and more people use crypto as a means of transaction, then the real purpose of crypto will be achieved. Yes, at least in some countries. because we often see strict regulations in some countries regarding the prohibition of crypto as a means of payment.
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- Will crypto succeed in the UAE like it did in El Salvador?
- Do you expect new capital from the UAE to flow into the crypto market?
- Do you think the UAE could soon become a crypto hub?
1. If you are asking if BTC will become a legal tender in the UAE like it is in El Salvador, then i don't think so, i believe that many countries will adopt BTC in one way or another, but they wouldn't desire to make it a legal tender.
2. BTC inflows wouldn't come in just because because Dubai made it an option of salary payments.
3. A crypto hub is far away for now, but in the future, it is possible.
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- Will crypto succeed in the UAE like it did in El Salvador?
- Do you expect new capital from the UAE to flow into the crypto market?
- Do you think the UAE could soon become a crypto hub?
1. If you are asking if BTC will become a legal tender in the UAE like it is in El Salvador, then i don't think so, i believe that many countries will adopt BTC in one way or another, but they wouldn't desire to make it a legal tender.
2. BTC inflows wouldn't come in just because because Dubai made it an option of salary payments.
3. A crypto hub is far away for now, but in the future, it is possible.
Your analysis are very much correct when it comes to legal tender, the government I think would accept it as an alternative means of payment based on both parties mutual agreement or understanding but officially adoption as a legal tender would be a bit more pressing for them because I think they would have the fear of Bitcoin surpassing their own national currency which no nation would want to allow such happen and another thing I see here is that Bitcoin is seen as a value for assets if I am not mistaken, so the price appreciate and deprecates every time so they might probably take it as a store of value.
No doubt about the idea of UAE being a Crypto hub. Long before now, the country have been hosting lots of Crypto functions and that alone could tell that they are already open to accepting Crypto community in their country and to be frank I don't think anyone can take that away from them being a Crypto hub.
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UAE are not the first who start to pay salaries in crypto. Even 3-5 years ago there were projects all around the world who have been paying their salaries in crypto, and it does not trigger anything. If somebody think that due to UAE being rich, it means they flood any business sphere with money, then you are wrong. They still prefer their national currency over everything else as they earn on that (conversion).
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So from what I've read, there is no law that explicitly stated how a business should distribute the worker salary, just that the court will try to make sure their contracts get fulfilled if some troubles come up. I guess the distribution and details will depends on how a worker or business negotiate the contract then. Because of that, I doubt we'll see a worker get paid in Bitcoin or crypto in full, they'd definitely want some fiat to avoid excessive exposure to volatility. I guess it's a good thing, unless a business can exploit a lack of clear regulation to make a terrible contract. If that happens the worker definitely needs to work hard to avoid being scammed out of their contract. CMIIW.
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No doubt about the idea of UAE being a Crypto hub. Long before now, the country have been hosting lots of Crypto functions and that alone could tell that they are already open to accepting Crypto community in their country and to be frank I don't think anyone can take that away from them being a Crypto hub.
I believe a crypto hub is more than that, it is obviously a crypto friendly region and the government do not reject the idea of BTC, but i don't think it is a crypto hub yet. I don't think it is at the point where bitcoiners can find locations to spend their BTC, or places where tourists can come and spend nearly only BTC in certain areas.
I have never been to the UAE, but this is what i understand from online research, so maybe someone from that region can correct me if i am wrong.
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This is just one of best news that is commendable to the crypto community, and very positive. I know UAE is a global region for commerce and industrial area and will enhance the development of cryptocurrency growth in near future
A UAE court given verdict on payment of salary of worker's with certain percentage with Crypto is splendid and great. I also imagine when institutional investor from the UAE will come onboard crypto investment economy, more money will flow and this will send cryptocurrency to the moon. I am just hoping investing in crypto commence in UAE soon.
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The news was exaggerated in the media and shown on some websites and social media sites as if it was the UAE's adoption of Bitcoin and cryptocurrencies, but in reality it is not so, it is just a court decision to allow an employee to receive his salary in cryptocurrencies, and it does not mean at all that the UAE is moving towards adoption like El Salvador.
As for the second question, yes, I expect that there will be a new flow of capital from the UAE to the cryptocurrency market, not because of this news, but in general, the UAE is very open to cryptocurrencies and large investments are directed towards it as it is an open incubator environment for cryptocurrencies.
As for the last question, yes, I believe that the UAE may soon become a center for cryptocurrencies due to its open policy towards cryptocurrencies, and this encourages many crypto companies to move their offices there, which is what actually happened, as many companies moved their offices to Dubai.
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We have long seen support for Bitcoin from the UAE government. The extent to which Bitcoin's adoption has grown can only be confirmed by those who live there. But as far as I've heard someone can buy an entire apartment with Bitcoin if they want. Anyone willing to use Bitcoin is always welcome. But what I do understand is that full Bitcoin adoption must need long time. We will not be able to see any major changes in a very short period of time. However, the UAE is one of the few countries that have expressed their positive views on accepting Bitcoin directly.
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This is just one of best news that is commendable to the crypto community, and very positive. I know UAE is a global region for commerce and industrial area and will enhance the development of cryptocurrency growth in near future
How will you know that UAE will enhance the development of crypto in that region with this one move? We still have to wait and see, this is just minimal to be even known throughout the country and for sure, employers who are not into crypto prefer to be paid in their local fiat.
A UAE court given verdict on payment of salary of worker's with certain percentage with Crypto is splendid and great. I also imagine when institutional investor from the UAE will come onboard crypto investment economy, more money will flow and this will send cryptocurrency to the moon. I am just hoping investing in crypto commence in UAE soon.
We shouldn't jump on the bandwagon, is all what I'm saying. As someone said, not the first time to hear this stories, we even have mayors in the USA who also chooses to be paid in Bitcoin and yet, nothing happens.
Mayor Adams to Receive First Paycheck in Cryptocurrency (https://www.nyc.gov/office-of-the-mayor/news/041-22/mayor-adams-receive-first-paycheck-cryptocurrency#:~:text=NEW%20YORK%20%E2%80%93%20New%20York%20City,converted%20to%20Ethereum%20and%20Bitcoin.)
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- Will crypto succeed in the UAE like it did in El Salvador?
- Do you expect new capital from the UAE to flow into the crypto market?
- Do you think the UAE could soon become a crypto hub?
1. If you are asking if BTC will become a legal tender in the UAE like it is in El Salvador, then i don't think so, i believe that many countries will adopt BTC in one way or another, but they wouldn't desire to make it a legal tender.
2. BTC inflows wouldn't come in just because because Dubai made it an option of salary payments.
3. A crypto hub is far away for now, but in the future, it is possible.
Your analysis are very much correct when it comes to legal tender, the government I think would accept it as an alternative means of payment based on both parties mutual agreement or understanding but officially adoption as a legal tender would be a bit more pressing for them because I think they would have the fear of Bitcoin surpassing their own national currency which no nation would want to allow such happen and another thing I see here is that Bitcoin is seen as a value for assets if I am not mistaken, so the price appreciate and deprecates every time so they might probably take it as a store of value.
No doubt about the idea of UAE being a Crypto hub. Long before now, the country have been hosting lots of Crypto functions and that alone could tell that they are already open to accepting Crypto community in their country and to be frank I don't think anyone can take that away from them being a Crypto hub.
The question is that not all companies will immediately do the things that their government wants to happen; unless they give an executive mandatory order from their government, their companies will not be able to do anything there.
And probably even the other employees who don't know anything or aren't aware of crypto or bitcoin won't agree with such a system either, although for crypto enthusiasts like us, that's in favor.
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The question is that not all companies will immediately do the things that their government wants to happen; unless they give an executive mandatory order from their government, their companies will not be able to do anything there.
Yeah, I don't think the case can serve as an example of government forcing business to pay with something. As mentioned above, the case being discussed has very limited application, it doesn't involve any change in regulation and so on other than the fact that the court will now force a business to pay their worker with crypto if that's contained on their contract. At the very least this can serve as an example that the court won't screw you over when a business don't want to pay your salary in crypto for some reasons. Whether you want to do that or not is another matter. CMIIW.
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UAE are not the first who start to pay salaries in crypto. Even 3-5 years ago there were projects all around the world who have been paying their salaries in crypto, and it does not trigger anything. If somebody think that due to UAE being rich, it means they flood any business sphere with money, then you are wrong. They still prefer their national currency over everything else as they earn on that (conversion).
Yeah, it's a long way to mass-adoption so to speak, but it's still interesting how things develop in that field in some countries ;D
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No doubt about the idea of UAE being a Crypto hub. Long before now, the country have been hosting lots of Crypto functions and that alone could tell that they are already open to accepting Crypto community in their country and to be frank I don't think anyone can take that away from them being a Crypto hub.
I believe a crypto hub is more than that, it is obviously a crypto friendly region and the government do not reject the idea of BTC, but i don't think it is a crypto hub yet. I don't think it is at the point where bitcoiners can find locations to spend their BTC, or places where tourists can come and spend nearly only BTC in certain areas.
I have never been to the UAE, but this is what i understand from online research, so maybe someone from that region can correct me if i am wrong.
Although we never can tell but so far, the UAE have been a centre of attraction for Crypto activities. Although the government do not frown at it but they are open to welcome Crypto activities and of lately, we've been hearing about them accepting Bitcoin and even going as far as wanting to build a place were miners can do their Crypto mining which I think at this point, they are up for the adoption. Maybe they just might be the modern crypto city we've longed for.
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I would like to know your opinion on this issue:
- Do you think the UAE could soon become a crypto hub?
It's hard to be sure, but UAE has a huge potential if it really intends to become a global crypto hub... looking at one of the countries that adopted Bitcoin as a means of payment in their country, El Salvador, I see UAE has several other advantages... Dubai is a representation of wealth and luxurious lifestyle... of course this will be an attraction in itself when crypto becomes something legal and common in Dubai.... this is like the second big door after El Salvador that has opened, and of course this triggers other countries to think that adjusting to cryptocurrency is necessary, thus motivating other countries to consider adopting cryptocurrency as soon as possible.
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No doubt about the idea of UAE being a Crypto hub. Long before now, the country have been hosting lots of Crypto functions and that alone could tell that they are already open to accepting Crypto community in their country and to be frank I don't think anyone can take that away from them being a Crypto hub.
I believe a crypto hub is more than that, it is obviously a crypto friendly region and the government do not reject the idea of BTC, but i don't think it is a crypto hub yet. I don't think it is at the point where bitcoiners can find locations to spend their BTC, or places where tourists can come and spend nearly only BTC in certain areas.
I have never been to the UAE, but this is what i understand from online research, so maybe someone from that region can correct me if i am wrong.
Although we never can tell but so far, the UAE have been a centre of attraction for Crypto activities. Although the government do not frown at it but they are open to welcome Crypto activities and of lately, we've been hearing about them accepting Bitcoin and even going as far as wanting to build a place were miners can do their Crypto mining which I think at this point, they are up for the adoption. Maybe they just might be the modern crypto city we've longed for.
Sounds great, and the regulations being set are beneficial for everybody involved in the long run, in my opinion ;D No cases of non-legalized activities and some slice for those in charge.
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I would like to know your opinion on this issue:
- Do you think the UAE could soon become a crypto hub?
It's hard to be sure, but UAE has a huge potential if it really intends to become a global crypto hub... looking at one of the countries that adopted Bitcoin as a means of payment in their country, El Salvador, I see UAE has several other advantages... Dubai is a representation of wealth and luxurious lifestyle... of course this will be an attraction in itself when crypto becomes something legal and common in Dubai.... this is like the second big door after El Salvador that has opened, and of course this triggers other countries to think that adjusting to cryptocurrency is necessary, thus motivating other countries to consider adopting cryptocurrency as soon as possible.
You nailed it. UAE I think has a huge potential if becoming a Crypto hub Is a goal for them. The UAE is a major tourist attractions and come to talk of it, they are a wealthy nation just as you have said so dealing on Crypto would not be a problem as we already see how their government is working hand in hand with Crypto enthusiast and organisations to making sure they get a place in the Crypto industry. I believe they already foresee the future and are preparing or bracing up to making sure they take their position.
The UAE would really trigger the adoption of Crypto in Asia if they fully incorporate crypto currency into their laws. Many nations are just waiting for other big and wealthy nations they have affiliation with to just make a bold step for them to follow. Once that happens, the Crypto adoption would spike up a new phase of financial freedom for those smaller nations.
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You nailed it. UAE I think has a huge potential if becoming a Crypto hub Is a goal for them. The UAE is a major tourist attractions and come to talk of it, they are a wealthy nation just as you have said so dealing on Crypto would not be a problem as we already see how their government is working hand in hand with Crypto enthusiast and organisations to making sure they get a place in the Crypto industry. I believe they already foresee the future and are preparing or bracing up to making sure they take their position.
The UAE would really trigger the adoption of Crypto in Asia if they fully incorporate crypto currency into their laws. Many nations are just waiting for other big and wealthy nations they have affiliation with to just make a bold step for them to follow. Once that happens, the Crypto adoption would spike up a new phase of financial freedom for those smaller nations.
As far as I know, UAE became wealthy not only because of oil but also because it is the center of global financial flows. UAE provides services for circulating huge capital flows and earns intermediary fees to become wealthy.
This is also the basis for UAE wanting to become a crypto hub to circulate capital flows in the crypto market. If this is true, we can hope that crypto will reach many major economies globally and gain widespread acceptance quickly.
- How money moves in United Arab Emirates (https://www.fuse.me/blog/how-money-moves-united-arab-emirates)
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You nailed it. UAE I think has a huge potential if becoming a Crypto hub Is a goal for them. The UAE is a major tourist attractions and come to talk of it, they are a wealthy nation just as you have said so dealing on Crypto would not be a problem as we already see how their government is working hand in hand with Crypto enthusiast and organisations to making sure they get a place in the Crypto industry. I believe they already foresee the future and are preparing or bracing up to making sure they take their position.
The UAE would really trigger the adoption of Crypto in Asia if they fully incorporate crypto currency into their laws. Many nations are just waiting for other big and wealthy nations they have affiliation with to just make a bold step for them to follow. Once that happens, the Crypto adoption would spike up a new phase of financial freedom for those smaller nations.
As far as I know, UAE became wealthy not only because of oil but also because it is the center of global financial flows. UAE provides services for circulating huge capital flows and earns intermediary fees to become wealthy.
This is also the basis for UAE wanting to become a crypto hub to circulate capital flows in the crypto market. If this is true, we can hope that crypto will reach many major economies globally and gain widespread acceptance quickly.
- How money moves in United Arab Emirates (https://www.fuse.me/blog/how-money-moves-united-arab-emirates)
That's a smart move - really. They are going into the long run with this one if they succeed ;D
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I think it is good idea for courts in UAE as they are starting accepting cryptocurrency as payment. This could be important step towards government accepting it as valid form of payment. If courts accept it it will make cryptocurrency more credible and might lead to it becoming official way to pay.
This will fit with UAE goal of being a leader in innovation and technology. It will also show that government is willing to adapt to new ideas and meet changing needs for people. If courts start accepting cryptocurrency government may follow it too and we may see it become official way to pay in UAE it will possible even instead of traditional currency AED or may be they can release CBDC.
I believe that UAE court was selected best decision for there country. Because we know that cryptocurrency will be a significant payment system in the crypto currency world. Because i believe that cryptocurrency will be promote in global financial flow. I also believe that salary in cryptocurrency will be best modern process for there country. Because if we follow in arab amirate, we also see there payment system. So i believe that in future almost country will follow in this process.
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You nailed it. UAE I think has a huge potential if becoming a Crypto hub Is a goal for them. The UAE is a major tourist attractions and come to talk of it, they are a wealthy nation just as you have said so dealing on Crypto would not be a problem as we already see how their government is working hand in hand with Crypto enthusiast and organisations to making sure they get a place in the Crypto industry. I believe they already foresee the future and are preparing or bracing up to making sure they take their position.
The UAE would really trigger the adoption of Crypto in Asia if they fully incorporate crypto currency into their laws. Many nations are just waiting for other big and wealthy nations they have affiliation with to just make a bold step for them to follow. Once that happens, the Crypto adoption would spike up a new phase of financial freedom for those smaller nations.
As far as I know, UAE became wealthy not only because of oil but also because it is the center of global financial flows. UAE provides services for circulating huge capital flows and earns intermediary fees to become wealthy.
This is also the basis for UAE wanting to become a crypto hub to circulate capital flows in the crypto market. If this is true, we can hope that crypto will reach many major economies globally and gain widespread acceptance quickly.
- How money moves in United Arab Emirates (https://www.fuse.me/blog/how-money-moves-united-arab-emirates)
That's a smart move - really. They are going into the long run with this one if they succeed ;D
For us crypto enthusiasts, that can be considered good news, dude, but for people ofw who are expecting their family to leave their country of birth and work in the UAE, I think it will be bad news in their eyes if theirs is negative. mentality.
But if their minds become positive, they will have the opportunity to save Bitcoin little by little, which is no different from saving fiat for the future; the only difference is that there is a high chance that the value of the savings will suddenly increase. them without realizing it when it comes to a short period of time.
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Many more positive news, will give good effects, of course. This is one of them. UAE is an area that is very well known for its great financial situation. And crypto has not been used often there?
Oh, maybe this is the official rule. Actually, if it becomes good news, then it might have a little impact on the market getting better. However, it may not last forever. But what is certain is that if more and more people use crypto as a means of transaction, then the real purpose of crypto will be achieved. Yes, at least in some countries. because we often see strict regulations in some countries regarding the prohibition of crypto as a means of payment.
If many people use cyto as payment, of course it will have a positive impact on crypto, but it is true what you said some countries still cannot accept crypto as a payment method, so we can't see crypto being widely used as payment. But I am happy to hear good news like this if it is true that the UAE accepts crypto as salary payment, this is very good.
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I also believe that salary in cryptocurrency will be best modern process for there country. Because if we follow in arab amirate, we also see there payment system. So i believe that in future almost country will follow in this process.
What are you referring to? You're saying that UAE and other countries allow crypto payment so that's why they will move to crypto as soon as possible? I think that's a bit far-fetched. They definitely want to take part in crypto, but it will run simultaneously with fiat, just like usual IMO. There's no way they'll stop using fiat unless they limit crypto to whatever blockchain they can control easily. It's a bit far-fetched to assume they consider crypto as the best modern choice or something similar based on the ruling on this case imo.
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What are you referring to? You're saying that UAE and other countries allow crypto payment so that's why they will move to crypto as soon as possible? I think that's a bit far-fetched. They definitely want to take part in crypto, but it will run simultaneously with fiat, just like usual IMO. There's no way they'll stop using fiat unless they limit crypto to whatever blockchain they can control easily. It's a bit far-fetched to assume they consider crypto as the best modern choice or something similar based on the ruling on this case imo.
I agree with this viewpoint. The UAE wants to experiment and move quickly in the crypto wave, but they are also mindful of the risks. Adopting crypto while still maintaining fiat is the best choice at this time, as El Salvador has done: people are allowed to pay with both USD and BTC.
The UAE has tremendous potential to succeed with crypto and catalyze widespread adoption of crypto on a global scale, especially with their oil and financial partners. I'm really looking forward to the success of countries that have and are adopting crypto in this uptrend.
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You nailed it. UAE I think has a huge potential if becoming a Crypto hub Is a goal for them. The UAE is a major tourist attractions and come to talk of it, they are a wealthy nation just as you have said so dealing on Crypto would not be a problem as we already see how their government is working hand in hand with Crypto enthusiast and organisations to making sure they get a place in the Crypto industry. I believe they already foresee the future and are preparing or bracing up to making sure they take their position.
The UAE would really trigger the adoption of Crypto in Asia if they fully incorporate crypto currency into their laws. Many nations are just waiting for other big and wealthy nations they have affiliation with to just make a bold step for them to follow. Once that happens, the Crypto adoption would spike up a new phase of financial freedom for those smaller nations.
As far as I know, UAE became wealthy not only because of oil but also because it is the center of global financial flows. UAE provides services for circulating huge capital flows and earns intermediary fees to become wealthy.
This is also the basis for UAE wanting to become a crypto hub to circulate capital flows in the crypto market. If this is true, we can hope that crypto will reach many major economies globally and gain widespread acceptance quickly.
- How money moves in United Arab Emirates (https://www.fuse.me/blog/how-money-moves-united-arab-emirates)
That's a smart move - really. They are going into the long run with this one if they succeed ;D
For us crypto enthusiasts, that can be considered good news, dude, but for people ofw who are expecting their family to leave their country of birth and work in the UAE, I think it will be bad news in their eyes if theirs is negative. mentality.
But if their minds become positive, they will have the opportunity to save Bitcoin little by little, which is no different from saving fiat for the future; the only difference is that there is a high chance that the value of the savings will suddenly increase. them without realizing it when it comes to a short period of time.
They have the possibility in front of them, and only they can grab it ;D That's their choice to make whether to use it or not. Accumulating BTC wouldn't be fast, but it's a reliable course of action for getting started ;D
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They have the possibility in front of them, and only they can grab it ;D That's their choice to make whether to use it or not. Accumulating BTC wouldn't be fast, but it's a reliable course of action for getting started ;D
I don't think the UAE has banned crypto for many years. It can be said that it is a country quite open to crypto, and the recent lawsuit only concerns a dispute over the form of payment using crypto. We have not had any reports of UAE citizens facing obstacles or danger when trading or storing crypto.
Investment is each person's decision. If UAE citizens believe in BTC, they can accumulate it whenever they want. The UAE is a wealthy country. If only 1% of its assets flow into BTC and crypto, we would have a huge amount of money enough to make this market grow extremely strongly immediately.
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UAE had already been embracing cryptocurrency and blockchain as a whole in its various futuristic projects. There is nothing that they can do to make bitcoin acceptance like El Salvador's short of making bitcoin a legal tender like they did, but that requires a bitcoin maximalist leading the countries, and I don't see any of the ruling Emirati clique thinking like that.
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UAE had already been embracing cryptocurrency and blockchain as a whole in its various futuristic projects. There is nothing that they can do to make bitcoin acceptance like El Salvador's short of making bitcoin a legal tender like they did, but that requires a bitcoin maximalist leading the countries, and I don't see any of the ruling Emirati clique thinking like that.
The crypto market doesn't just consist of BTC maximalists, but also includes many Altcoins fans and those involved in various other areas such as mining, trading, providing intermediary services... UAE doesn't need to adopt a BTC strategy like El Salvador to achieve great economic success, and even the token mentioned in this lawsuit isn't BTC.
I think that when the UAE government fully realizes the entire value of crypto, they will actively apply crypto in the economy and become a key nucleus in the crypto wave on a global scale. This is the scenario I'm looking forward to, but I also understand that everything takes time and a clear plan, as well as the actions of many other governments.
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They have the possibility in front of them, and only they can grab it ;D That's their choice to make whether to use it or not. Accumulating BTC wouldn't be fast, but it's a reliable course of action for getting started ;D
I don't think the UAE has banned crypto for many years. It can be said that it is a country quite open to crypto, and the recent lawsuit only concerns a dispute over the form of payment using crypto. We have not had any reports of UAE citizens facing obstacles or danger when trading or storing crypto.
Investment is each person's decision. If UAE citizens believe in BTC, they can accumulate it whenever they want. The UAE is a wealthy country. If only 1% of its assets flow into BTC and crypto, we would have a huge amount of money enough to make this market grow extremely strongly immediately.
It sounds bullish, though, we don't know whether it will happen or not.
I hope we will only see positive changes towards the crypto there.
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It sounds bullish, though, we don't know whether it will happen or not.
I hope we will only see positive changes towards the crypto there.
If given the choice, I would always lean towards positive developments for the crypto market because that's where I'm dedicating my efforts and earning a living to support my family. While a bearish outlook is often more logical, a bullish sentiment usually prevails in financial markets, as evidenced by the continuous upward trend of stock indices over time.
Currently, market sentiment is in a state of panic, but this could end soon with a significant price increase in BTC. I'm anticipating this and will continue following important policy updates regarding crypto from governments worldwide.