Undoubtedly, cryptocurrencies have become a massive source of investment and point of transaction for people worldwide. Since the introduction of Bitcoin in 2008, many people around the world have thought it best to deal with these cyber currencies, and one such deal includes investing in buying, selling, storing, and trading in cryptocurrency. You can purchase the cryptocurrency directly or invest in companies with cryptocurrency holdings. Here are some of the top cryptocurrency investments in the UAE.
What are the Top Cryptocurrency Investments in the UAE
If you are a resident of the United Arab Emirates, you would agree that there have been innovations in technology and e-marketing. This is heavily dependent on the broad ambitions of UAE nurses towards becoming one of the first countries that come to mind when advancement is mentioned. In the crypto world, they are included. The UAE is one of the most progressive countries in cryptocurrency. The initiative of accepting crypto payments in Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) for a trade license and visas in a government-owned licensing firm, KIKLABB, says a lot about their crypto embrace. Several other cryptocurrency investments will interest you.
In 2018, the UAE government launched the Emirates blockchain strategy in 2012. This strategy aimed to make fifty percent of government transactions in a blockchain to save time and effort. Persons could also process their transactions at places where they wanted in their best comfort. This was a significant step to ensure the digital security of national data and transactions. Based on four central pillars, the UAE government wanted to achieve residence happiness, government efficiency, advanced legislation, and global entrepreneurship. These goals ultimately position the government as a global leader in blockchain adoption.
Other Cryptocurrency Investments Projects
There is also Project Aber: Joint Digital And Distributed Ledger Project. This was a product of the joint efforts of the Central Bank of the United Arab Emirates and Saudi Arabia. The idea of this project is a bit different in that the governments of the UAE and Saudi Arabia aimed to have a digital currency to represent the digital copy of the country’s currency. The partnership investment aims to explore blockchains and decentralized ledger technology to spur growth and experience in Web 3.0 within the Middle East. The government will use digital currency for basic operations, bank transfers, and issuance of currency.
Conclusion
The Middle East has embarked on several projects to invest specific amounts in cryptocurrencies. The UAE considers these investments imperative to promoting security and privacy, advancing globalization, and setting it on an international pedestal in the race for Web 3.0 dominion. With the rate of these investments, it is only a matter of time before the country truly realizes this dream.
