For me personally, Dubai is like a country that is indeed very developed in terms of its economy, no wonder if Dubai has responded well to Bitcoin, that's for sure.
With the advancement of technology and the economy.. of course bitcoin will be easily accepted and its popularity will definitely increase.
Topic: Bitcoin and Dubai (Read 324 times)
Dubai does not consider Bitcoin legal tender, but there aren't restrictions on buying or selling either. Based on LocalBitcoins volume and Google Trends data, Bitcoin looks alive and well in Dubai. Is this true?
https://www.jumeiraconsultants.com/business-setup-services-in-dubai/
https://www.jumeiraconsultants.com/business-setup-services-in-dubai/
Bitcoin is not a legal in many of the country.But it doesn't matter.Because everything need of time.Even if you had started a business,it need huge time to get good profit.At first ,you need to learn that business .When you get good knowledge,surely you will earn from it.So patience is needed one to earn more profit from investment.
Perhaps you don't find the info, because with Covid19 they may have canceled the event. I don't know what's the situation there (lockdown or not)
But it should be between $300 and $500 for the 3 days.
To compare with the Paris Blockchain Summit last year, the ticket was 100€ per day (~$121)
Here were the prices in Dubai back in 2019
Normally you can buy your ticket on Eventbrite. Try to contact them on social networks or email if you really need
@NotATether
Well, there are some platforms that are compliant with the Sharia with ethics and morality. At least, there is Onegram based in Dubai and another one based in Bahrain (I don't remember its name) and it's surely not the only one, otherwise, it's an interesting niche for any company looking for a cash-cow.
When I searched about it I learned there are cryptocurrencies that they consider Halal, and some others are in a grey area (it means, it depends on how it suits them), while some like Monero are considered 'Haram'.
There are also some DeFi platforms that they don't allow and consider it's 'Haram'. For example, yearn.finance
In fact, this kind of attitude does not occur in the Dubai government in other countries, many may also distinguish between very strict religious laws which are strictly obeyed by the people there so that some programs/coins are not allowed, such as those that lead to gambling, for example. Well, there are some platforms that are compliant with the Sharia with ethics and morality. At least, there is Onegram based in Dubai and another one based in Bahrain (I don't remember its name) and it's surely not the only one, otherwise, it's an interesting niche for any company looking for a cash-cow.
When I searched about it I learned there are cryptocurrencies that they consider Halal, and some others are in a grey area (it means, it depends on how it suits them), while some like Monero are considered 'Haram'.
There are also some DeFi platforms that they don't allow and consider it's 'Haram'. For example, yearn.finance
@NotATether
Well, there are some platforms that are compliant with the Sharia with ethics and morality. At least, there is Onegram based in Dubai and another one based in Bahrain (I don't remember its name) and it's surely not the only one, otherwise, it's an interesting niche for any company looking for a cash-cow.
When I searched about it I learned there are cryptocurrencies that they consider Halal, and some others are in a grey area (it means, it depends on how it suits them), while some like Monero are considered 'Haram'.
There are also some DeFi platforms that they don't allow and consider it's 'Haram'. For example, yearn.finance
Well, there are some platforms that are compliant with the Sharia with ethics and morality. At least, there is Onegram based in Dubai and another one based in Bahrain (I don't remember its name) and it's surely not the only one, otherwise, it's an interesting niche for any company looking for a cash-cow.
When I searched about it I learned there are cryptocurrencies that they consider Halal, and some others are in a grey area (it means, it depends on how it suits them), while some like Monero are considered 'Haram'.
There are also some DeFi platforms that they don't allow and consider it's 'Haram'. For example, yearn.finance
When it comes to business, it is always possible to obtain permission in a separate economic zone and calmly conduct your business without fear of punishment. If you make money legally, and the projects with which you are involved do not contradict Islam and do not offend the Prophet, I do not think that problems can arise. Problems are found by the one who ignores the rules or pretends that they do not exist. You can always get advice from competent people and, after approval, work calmly.
If we work legit,we won't get issue was an agreed factor.But if the trading of bitcoin or a cryptocurrencies was not a legal means,the trade made by you will be the illegal act.The government will punish you,even you work with the Islam rule.With my knowledge the trading of bitcoin was in neutral phenomenon in Dubai.
i heard the news about dubai when india start banning bitcoin india covid relief start exchange their bitcoin in dubai i forgot about the source
maybe dubai will become safe haven of crypto in near future since not one or two country start banning crypto but trying to make their own version of digital money managed by government (*such an irony)
maybe dubai will become safe haven of crypto in near future since not one or two country start banning crypto but trying to make their own version of digital money managed by government (*such an irony)
A lot of wealthy and educated people (including those in the West) live in this country. They are excellent at counting money, preserving and increasing capital, and are well versed in modern technologies and trends. It is not surprising that these capitals participate in the cryptocurrency market and are quite active. Another thing is the legislation in this country which is quite strict. But this is not a problem for large investors who declare their income and pay taxes to the budget.
I am happy to hear that, with the large number of transactions it is clear evidence that many people are involved in the world of cryptocurrency and the neutral attitude of the country (not prohibiting and providing legal facilities) is a natural thing because 40% of countries in the world still declare neutral, and Dubai is one of them. one of the developed countries in the Arab continent which may be one of the transitions of modern life which is an example of an Arab country, ...in the development of the digital world at this time
Dubai does not consider Bitcoin legal tender, but there aren't restrictions on buying or selling either. Based on LocalBitcoins volume and Google Trends data, Bitcoin looks alive and well in Dubai. Is this true?
https://www.jumeiraconsultants.com/business-setup-services-in-dubai/
When we do talk about volume in UAE: https://coin.dance/volume/localbitcoins/AEDhttps://www.jumeiraconsultants.com/business-setup-services-in-dubai/
The volume peaked on that first month of 2018 and then it do normalizes and been constant on further years until this very moment.There are still lots of countries which are still on the neutral side
where they arent restricting nor havent been regulating or recognized and staying up into the middle just like in to the country where i do live in where they are still on the neutral phase.
I wont be surprised if there would be such changes in near future.
Dubai does not consider Bitcoin legal tender, but there aren't restrictions on buying or selling either. Based on LocalBitcoins volume and Google Trends data, Bitcoin looks alive and well in Dubai. Is this true?
https://www.jumeiraconsultants.com/business-setup-services-in-dubai/
Yes I have read and heard that Dubai is much more crypto friendly then many other countries including European countries too. https://www.jumeiraconsultants.com/business-setup-services-in-dubai/
I want to get more info about crypto community in Dubai. I am planning to move to Dubai, is it possible for me to go their and start my life on crypto?
I already have some assets that I can trade in when I am allowed the citizenship.
When it comes to business, it is always possible to obtain permission in a separate economic zone and calmly conduct your business without fear of punishment. If you make money legally, and the projects with which you are involved do not contradict Islam and do not offend the Prophet, I do not think that problems can arise. Problems are found by the one who ignores the rules or pretends that they do not exist. You can always get advice from competent people and, after approval, work calmly.
There is a coin called DubaiCoin from many years back and last I looked it was still going strong for an alt coin.
It is even mineable so I don't know why they view bitcoin as it is a cryptocurrency just like this DubaiCoin as offensive to their culture.
It is even mineable so I don't know why they view bitcoin as it is a cryptocurrency just like this DubaiCoin as offensive to their culture.
Who knows one day Dubai will become a prime mover of Cryptocurrency adoption.
With how I view things it looks like companies are the ones moving first rather than the government when it comes to taking advantage of cryptocurrencies as a means for profit. Right now from what I have observes governments from majority of the countries don't seem to take advantage of the crypto industry as a means of economical grow but they are more focused on regulating it where we are seeing more strict implementations for KYC and AML procedures as well as trying to keep track on how to monitor transactions by taking advantage of their blockchains. So maybe if Dubai will be doing something it will be more on the side of the businsses rather than the government doing anything about the promotion of the crypto industry.
I'm well aware that speculating is forbidden in Islam, and it's not because cryptocurrencies are different that the rules are different. While buying and selling you're speculating with the goal to make a profit. Exactly what Islam is against.
If it's about buying BTC to buy an item or a service of course it's different, but I watched several speeches from Imam, Mufti, and scholars and all of them had the same speech. When it suits you it is halal, but when it bothers you it is haram
If it's about buying BTC to buy an item or a service of course it's different, but I watched several speeches from Imam, Mufti, and scholars and all of them had the same speech. When it suits you it is halal, but when it bothers you it is haram
The thing is that there is virtually no crypto exchange that is based on Islamic banking so whether or not speculating is considered to be an ethical thing is a moot point for these exchanges.
Dubai does not consider Bitcoin legal tender, but there aren't restrictions on buying or selling either. Based on LocalBitcoins volume and Google Trends data, Bitcoin looks alive and well in Dubai. Is this true?
https://www.jumeiraconsultants.com/business-setup-services-in-dubai/
https://www.jumeiraconsultants.com/business-setup-services-in-dubai/
Dubai has a good view on Cryptocurrency although they don't have regulations on buying and selling, so far I haven't read that it is haram to own Bitcoin in Dubai, hopefully, it will stay like this, in Dubai, they are one of the financial capital in the Middle East and a big help on the adoption of Cryptocurrency
Who knows one day Dubai will become a prime mover of Cryptocurrency adoption.
AFAIK, no where in the world Bitcoin was accepted as legal tender which means as a currency but many government accepted it as asset and regulated as digital asset and also having tax rates depends on the nation. In Dubai you are allowed to HOLD or trade bitcoin with no worries as long as you are paying your taxes there.
That's right! The point is really not that it will be allowed or not. The point is what legal status within the existing financial system of the country will receive activities related to cryptocurrency. This is happening all over the world right now. Arabs know a lot about finance and understand that the future of world finance will be inextricably linked with cryptocurrency. On this train you need not only to have time to get on, but also to take a comfortable and profitable seat on it. Hence, so much news about prohibitions and permissions.
Bitcoin or crypto in general with the news about it no being a legal tender is one of the news that is always being inflated by the crypto news media but the truth is cryptocurrencies not being a legal tender is nothing to worry about. Why? Because one of the first laws of most of the countries is a recognition of one legal tender and that is their own fiat currency not unless their own government has mandated their basic laws like what Venezuela did on accepting USD this basic law won't be change that is why countries who accepted cryptocurrencies have not recognized Bitcoin or other cryptocurrencies as a legal tender but rather they just classify them as a "digital asset" or other closely similar terms like "crypto asset". Crypto being an asset while at the same time it being not a legal tender just gives these type of assets to move freely in that country without harming their own fiat currency as their one and only legal tender.
I can't say for sure but there was a post about bitcoin as to whether it is haram or halal and I don't know what the Muslim scholars have decided but it seems to favor haram and knowing that Dubai is Muslim country there might be some problems but I don't think that it hasn't stop bitcoin economy in there so probably the statistics were true.
I guess the Muslim scholars haven't decided on this issue, it's an issue that hopefully will favors the Cryptocurrency community, we have millions of Muslim brothers who are investors, traders, developers and bounty hunters and it will have an impact if the scholars favors against it, if it favors it will be a giant step for adoption, so we'll wait for the scholars to meet , tackle and resolve this issues.
In this country, with all the severity of its laws and religious restrictions, there are smart people who do business in various industries from tourism to finance. Therefore, they take such steps as the opening of special zones. Somewhere you can buy alcohol, but not in other parts of the country, it is prohibited and severely punished by law. The same goes for cryptocurrency. I don't understand why this surprises anyone. Arabs are the same people with the same normal desire not to miss their opportunities in the new world financial architecture. So rest assured - there is a future for cryptocurrency in this country.
FYI there is a free zone in Dubai where people can pay using cryptocurrencies
Bitcoin and other crypotcurrencies are now a mode of payment at KIKLABB, the Dubai-based free zone. This will apply for all payments related to trade licenses and visa fees issued by it.
I'm not Muslim but Christian and I truly wonder how can you think such a Muslim country can give the (full) green light for BTC and co.
I'm well aware that speculating is forbidden in Islam, and it's not because cryptocurrencies are different that the rules are different. While buying and selling you're speculating with the goal to make a profit. Exactly what Islam is against.
If it's about buying BTC to buy an item or a service of course it's different, but I watched several speeches from Imam, Mufti, and scholars and all of them had the same speech. When it suits you it is halal, but when it bothers you it is haram
Bitcoin and other crypotcurrencies are now a mode of payment at KIKLABB, the Dubai-based free zone. This will apply for all payments related to trade licenses and visa fees issued by it.
I'm not Muslim but Christian and I truly wonder how can you think such a Muslim country can give the (full) green light for BTC and co.
I'm well aware that speculating is forbidden in Islam, and it's not because cryptocurrencies are different that the rules are different. While buying and selling you're speculating with the goal to make a profit. Exactly what Islam is against.
If it's about buying BTC to buy an item or a service of course it's different, but I watched several speeches from Imam, Mufti, and scholars and all of them had the same speech. When it suits you it is halal, but when it bothers you it is haram
Dubai is one of the best areas for technology support in the world, I think Bitcoin and Blockchain will find a perfectly suitable environment in Dubai. A lot of good projects related to Bitcoin and Blockchain can be done there. Dubai has hosted a lot of conferences and meetings that talk about blockchain and I think that there are a lot of companies that are interested. With this technology there.
It is true that Bitcoin is illegal so far in Dubai, but I do not think that there are laws that prohibit dealing with Bitcoin in the country, as far as I know Dubai encourages technology in general, so I think that there is a fertile environment for the growth of projects that depend on bitcoin and blockchain there.
It is true that Bitcoin is illegal so far in Dubai, but I do not think that there are laws that prohibit dealing with Bitcoin in the country, as far as I know Dubai encourages technology in general, so I think that there is a fertile environment for the growth of projects that depend on bitcoin and blockchain there.
Dubai is a tourism dependent country and at present the economic wheel of Dubai is turning very fast. In this case, Bitcoin can increase this speed many times over. That is why the government and the banks have to come forward.
Quote
Dubai does not consider Bitcoin legal tender, but there aren't restrictions on buying or selling either. Based on LocalBitcoins volume and Google Trends data, Bitcoin looks alive and well in Dubai. Is this true?
https://www.jumeiraconsultants.com/business-setup-services-in-dubai/
Yes, is true because the government is hearing the good news of bitcoin and how people are using it to enrich their self in a country. Despite the Dubai have never make bitcoin legalized for the citizens to fully show up in bitcoin investment, but with the results the Dubai government is getting from some communities show that the government will soon make bitcoin legal to anyone in the country to have access to in the country. https://www.jumeiraconsultants.com/business-setup-services-in-dubai/
Bitcoin and Dubai?
2008:
Did you know Satoshi released a pre-release draft of the whitepaper in August of 2008? With the title: Electronic Cash Without a Trusted Third Party
https://reddit.com/r/Bitcoin/comments/41f9em/did_you_know_satoshi_released_a_prerelease_draft/
http://www.upload.ae/file/6157/ecash-pdf.htm
2008:
Did you know Satoshi released a pre-release draft of the whitepaper in August of 2008? With the title: Electronic Cash Without a Trusted Third Party
https://reddit.com/r/Bitcoin/comments/41f9em/did_you_know_satoshi_released_a_prerelease_draft/
http://www.upload.ae/file/6157/ecash-pdf.htm
Quote
Dubai does not consider Bitcoin legal tender, but there aren't restrictions on buying or selling either. Based on LocalBitcoins volume and Google Trends data, Bitcoin looks alive and well in Dubai. Is this true?
https://www.jumeiraconsultants.com/business-setup-services-in-dubai/
Yes, is true because the government is hearing the good news of bitcoin and how people are using it to enrich their self in a country. Despite the Dubai have never make bitcoin legalized for the citizens to fully show up in bitcoin investment, but with the results the Dubai government is getting from some communities show that the government will soon make bitcoin legal to anyone in the country to have access to in the country. https://www.jumeiraconsultants.com/business-setup-services-in-dubai/
(....)
Dubai is one of the most rich country in the world. They don't accept bitcoin as a currency. But don't have any restrictions to buy or sell it. I think their most of the Rich people hold bitcoin for future. That's why buy and sell is legal.
Illegal buying and selling of Bitcoin for a country is already an old school now, we already saw it in previous years in different countries. There are a lot of ways to buy or to sell your Bitcoin even you are from a country that has a lot of restrictions.Dubai is one of the most rich country in the world. They don't accept bitcoin as a currency. But don't have any restrictions to buy or sell it. I think their most of the Rich people hold bitcoin for future. That's why buy and sell is legal.
How you can measure people being "rich"? If you are saying rich people from Dubai, for me it is still the same people for other country that is holding Bitcoin.
It gives a positive vibe that Dubai gives no restrictions on buying and selling bitcoin. It a big thing that if Dubai accepts BTC then the other Arab countries may consider it positively and it will be halal and safe for the Muslims. Dubai is a rich country and maybe people buying and holding bitcoin day by day it's ratio will increase and if bitcoin can ensure that there will no illegality Arab countries may use it rapidly.
Dubai does not consider Bitcoin legal tender, but there aren't restrictions on buying or selling either. Based on LocalBitcoins volume and Google Trends data, Bitcoin looks alive and well in Dubai. Is this true?
https://www.jumeiraconsultants.com/business-setup-services-in-dubai/
Dubai is one of the most rich country in the world. They don't accept bitcoin as a currency. But don't have any restrictions to buy or sell it. I think their most of the Rich people hold bitcoin for future. That's why buy and sell is legal. https://www.jumeiraconsultants.com/business-setup-services-in-dubai/
Dubai does not consider Bitcoin legal tender, but there aren't restrictions on buying or selling either. Based on LocalBitcoins volume and Google Trends data, Bitcoin looks alive and well in Dubai. Is this true?
https://www.jumeiraconsultants.com/business-setup-services-in-dubai/
That's not the case with Dubai only. In India too bitcoin is not recognised as legal tender yet trading volume on pacful, localbitcoin is growing by day. https://www.jumeiraconsultants.com/business-setup-services-in-dubai/
I think Dubai government will soon regulate btc and crypto as it has become global village.
If Dubai recognised btc, other arab countries will follow the suits.
Dubai does not consider Bitcoin legal tender, but there aren't restrictions on buying or selling either. Based on LocalBitcoins volume and Google Trends data, Bitcoin looks alive and well in Dubai. Is this true?
https:// www[dot]jumeiraconsultants [dot] com/business-setup-services-in-dubai/
https:// www[dot]jumeiraconsultants [dot] com/business-setup-services-in-dubai/
Yes its true, its not clearly defined yet
"Dubai: While the UAE doesn't recognize Bitcoin as a legal form of tender, there are means to trade them. (The only legal tender in the UAE is the UAE dirham.)"
This is the latest update from Jan 2021
https://gulfnews.com/your-money/saving-investment/what-to-keep-in-mind-when-buying-trading-bitcoin-in-the-uae-1.1607349888624
By the way what this link for? jumeiraconsultants [dot] com? I did not get it how its related to this service?
Are you providing consultancy services? and trying to create references?
Yes, bitcoin is alive and kicking in Dubai, Dubai Free Zone Becomes First UAE Government Entity to Accept Bitcoin.
And another positive news, Dubai’s IBC Group pledges 100,000 bitcoins, the largest bitcoin investment in history to support setup of Miami 2.0 Blockchain Strategy Foundation.
So it pretty much says that rich Arab countries like Dubai are getting into bitcoin or cryptocurrency as a whole.
Quote
The free zone accepts payments in bitcoin, ether and the tether stablecoin.
And another positive news, Dubai’s IBC Group pledges 100,000 bitcoins, the largest bitcoin investment in history to support setup of Miami 2.0 Blockchain Strategy Foundation.
So it pretty much says that rich Arab countries like Dubai are getting into bitcoin or cryptocurrency as a whole.
I can't say for sure but there was a post about bitcoin as to whether it is haram or halal and I don't know what the Muslim scholars have decided but it seems to favor haram and knowing that Dubai is Muslim country there might be some problems but I don't think that it hasn't stop bitcoin economy in there so probably the statistics were true.
Dubai does not consider Bitcoin legal tender, but there aren't restrictions on buying or selling either. Based on LocalBitcoins volume and Google Trends data, Bitcoin looks alive and well in Dubai. Is this true?
https://www.jumeiraconsultants.com/business-setup-services-in-dubai/
https://www.jumeiraconsultants.com/business-setup-services-in-dubai/
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