Over the last couple of years, the United Arab Emirates (UAE) has positioned itself as a crypto hub. The UAE currently ranks as the third-largest crypto market in the Middle East, with a transaction value reaching $26 billion (equivalent to Dh95.5 billion). It comes behind Turkey and Lebanon. Even with the progress the country has made with cryptocurrency and digital assets, it is important to look at its cryptocurrency awareness and education.
Cryptocurrency Awareness in the UAE
Late last year, KuCoin released a survey report titled “Into The Cryptoverse: Understanding Crypto Users in the UAE.” The report revealed that 48% of crypto users in the UAE express concerns regarding the lack of trust in crypto platforms. Also, 32% of respondents identified a shortage of crypto education and awareness as the region’s primary challenge.
Moreover, different UAE schools launched projects to educate students about cryptocurrency. These projects use both traditional teaching methods and video-based education. Additionally, the schools use real-world experiences. This includes incorporating mandatory one-week sessions per class to raise awareness among children about the possibilities within the technology space. These educational courses offer students the chance to look at topics such as NFTs and the metaverse. Students also have hands-on experience in blockchain game development.
More specifically, Raha International School in Abu Dhabi’s visual arts instructor Mark Ryan has included lessons on non-fungible tokens (NFTs) in his curriculum in 2021. He teaches his students how to transform their artwork into NFTs. Last year, students were given the freedom to select any theme for their exhibitions, and a notable number expressed enthusiasm for exploring NFTs.
Why There is a Need for Cryptocurrency Awareness and Education in the UAE
Fraud and Scams Prevention
Cryptocurrency markets are susceptible to fraud and scams. These frauds and scams come in the form of Ponzi schemes, fake ICOs, and phishing attacks. Without adequate knowledge about the risks and how to protect themselves, UAE residents may fall victim to such fraudulent schemes. Cryptocurrency awareness and education empower individuals to recognize warning signs and make informed decisions when investing in or using cryptocurrencies.
Consumer Protection
Cryptocurrency transactions are irreversible. Transactions made in error or fraudulent schemes can lead to financial losses. Educating crypto users about the risks and best practices for securely storing and transacting cryptocurrencies can help mitigate the potential for financial harm and promote consumer protection.
Promoting Innovation and Adoption
Cryptocurrencies and blockchain technology can drive innovation and transform various industries, including finance, supply chain management, and healthcare. This is something that one can see in sectors across the UAE. Raising awareness and fostering understanding of these technologies in the UAE can encourage innovation and adoption among businesses and entrepreneurs.
Financial Literacy
Understanding cryptocurrencies requires a certain level of financial literacy, including knowledge of basic economic principles, investment strategies, and risk management. Promoting cryptocurrency education helps the UAE drive financial literacy among its residents.
Final Words
Cryptocurrency awareness and education are very important in any country, including the UAE. While some schools are already incorporating it, the UAE still has work that will drive cryptocurrency awareness locally.
