Topic: Is bitcoin legal tender in UAE (Dubai) ? - page 2. (Read 197 times)
In UAE things are a bit complicated especially when it comes to the relation between Dubai and UAE. It is kind of similar to USA. You can have something restricted in a state and accepted in another with some limitations imposed by the federal government.
The only nation makes Bitcoin legal tender is El Salvador. We will have more nations like that sooner or later. However, currently only one nation as far as I know. UAE is a very crypto-friendly nation but no legal tender there so far.
I believe nations in Middle East don't wait for too long to make Bitcoin legal tender. They just observe what El Salvador can do and what are risky solutions from IMF ie. If now big risk, fines against El Salvador, other nations will follow El Salvador and we will have a blossom for crypto.
For now, be realistic, UAE does not have what you asked.
I believe nations in Middle East don't wait for too long to make Bitcoin legal tender. They just observe what El Salvador can do and what are risky solutions from IMF ie. If now big risk, fines against El Salvador, other nations will follow El Salvador and we will have a blossom for crypto.
For now, be realistic, UAE does not have what you asked.
If bitcoin is declared legal in a country, that does not mean it is a legal tender in that country. Being legal means it can be used as a form of payment, be used legallt. But in relation to legal tender, being legal does not make it a compulsion if compared to being legal tender that indicates compulsion to certain extent. I mean compulsion to accept it as a method of payment.
Bitcoin is only made a legal tender in El Salvador as of now, but declared legal in many other countries.
Bitcoin is only made a legal tender in El Salvador as of now, but declared legal in many other countries.
It doesn't have to accept crypto as legal tender in order to do this it just has to not make it illegal.
Legal tender normally means it's a currency legislation will recognise (eg you can pay courts in that currency).
Bitcoin or cryptocurrency being accepted somewhere might be like larger currencies being accepted in some other places (for example if the euro is accepted by certain shops in Europe without that country having the euro as its legal tender).
Legal tender normally means it's a currency legislation will recognise (eg you can pay courts in that currency).
Bitcoin or cryptocurrency being accepted somewhere might be like larger currencies being accepted in some other places (for example if the euro is accepted by certain shops in Europe without that country having the euro as its legal tender).
I was reading this news Dubai World Trade Centre to become a specialized crypto zone. No country can do such promotion for crypto currencies unless it is legally accepted in their country.
So does it mean that the Government of the United Arab Emirates has declared crypto legal in their country?
So does it mean that the Government of the United Arab Emirates has declared crypto legal in their country?
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