Is bitcoin legal tender in UAE (Dubai) ?

yohananaomi

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Quote from: JohnBitCo on December 21, 2021, 09:23:29 AM

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?

The UAE has gone one step further, it has created so-called "financial-free zones," or areas that are mostly tax-free and heavily regulated. The UAE positions themselves as a safe port for cryptocurrency companies.
Of course this is the latest development that needs to be listened to and used as a momentum that more and more big countries are also playing a role in crypto. We will wait for developments in the surrounding countries, which are a bit too closed off.

Quote from: StarKay on December 23, 2021, 02:57:15 PM

You can't draw a such a conclusion from an article made to attract investors, for a currency (Crypto or Fiat) to be a legal tender of any sovereign nation it has to have a law backing it up. From what I know there is no law in the United Arab Emirates UAE backing Bitcoin as a legal tender so the answer to your question is no.

They don't specifically state that in all countries it is free and legal tender, but Dubai Financial Services Authority is planning to create a crypto regulatory framework as part of its business plan. The authority has issued a series of regulatory approvals for the crypto industry so far, while Dubai is home to several crypto-free economic zones.

but this is a step forward that the UAE has taken to ensure that they are ready for all parts of the country to accept once the regulations are finalized.

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Quote from: StarKay on December 23, 2021, 02:57:15 PM

Quote from: JohnBitCo on December 21, 2021, 09:23:29 AM

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?

You can't draw a such a conclusion from an article made to attract investors, for a currency (Crypto or Fiat) to be a legal tender of any sovereign nation it has to have a law backing it up. From what I know there is no law in the United Arab Emirates UAE backing Bitcoin as a legal tender so the answer to your question is no.

and to be honest, do you really think UAE will give up their dirham? i don't think so. the article is just saying dubai is opening a crypto zone in their country. but it doesn't mean, they will make bitcoin as legal tender just like el salvador. it means, they are open to crypto businesses. just like they have free-trade zones in dubai.
on another note, i believe this move of dubai is good as they can create a crypto hub in the ME. they will be the leading country in their region when it comes to crypto.

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Quote from: JohnBitCo on December 21, 2021, 09:23:29 AM

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?

I doubt it's a legal tender in that country because currently only one country (as far as I know) in the whole world has made bitcoin a legal tender. It was El Salvador, few months ago. And yes, they are allowed to do such kind of promotion. The country hasn't banned or made bitcoin or any other crypto currencies illegal. It doesn't have to be a legal tender for someone to legally accept bitcoin. Any merchants can accept bitcoin if they want as long as it is legal in their country. On other hand, if it was a legal tender, they have no choice but to accept bitcoins if their customers pay in bitcoin.

StarKay

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Quote from: JohnBitCo on December 21, 2021, 09:23:29 AM

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?

You can't draw a such a conclusion from an article made to attract investors, for a currency (Crypto or Fiat) to be a legal tender of any sovereign nation it has to have a law backing it up. From what I know there is no law in the United Arab Emirates UAE backing Bitcoin as a legal tender so the answer to your question is no.

Mamun74

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Short Answer is No.Bitcoin Isn’t legal tender in UAE (Dubai.).Bitcoin legal means, Being bitcoin is a part of payment. A lot of country's Bitcoin has not legal likr Dubai.They can use easly bitcoin in p2p exchange. Bitcoin and cryptocurrency already legal in many counties. But cryptocurrency is banned in UAE ( Dubai)

Husires

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The fact that the currency is a legal tender means that it is obligatory to deal with it in all regions of the country, and therefore no party can say that it does not accept payment in Bitcoin, and that dealing with it is final and subject to the law, which is something that only exists in El Salvador, but this does not mean that it is not a legal currency, especially since some Countries issue taxes on them.

Quote from: haasanjui on December 23, 2021, 12:58:20 AM

Under law of UAE article D.7.3 it is stated that all electro payments issued by the central bank of UAE in January 2017 all virtual currencies are prohibited. So cryptocurrency is banned in UAE. And it is a illegal

Until this moment, there has been no case in court because of Bitcoin, although there are many activities and platforms that are allowed in free zones.

Henrobakkara

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Quote from: haasanjui on December 23, 2021, 12:58:20 AM

Under law of UAE article D.7.3 it is stated that all electro payments issued by the central bank of UAE in January 2017 all virtual currencies are prohibited. So cryptocurrency is banned in UAE. And it is a illegal

Well, it might seem not to be a blanket law since Dubai is part of the UAE and yet is still able to do this with cryptocurrencies. I also believe that there is some confusion with some people, I don't believe that Dubia is not making Bitcoin a legal tender but only that it makes room for inclusion for new techs as we have seen with the Emirate over time.

haasanjui

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Under law of UAE article D.7.3 it is stated that all electro payments issued by the central bank of UAE in January 2017 all virtual currencies are prohibited. So cryptocurrency is banned in UAE. And it is a illegal

Leviathan.007

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I have used bitcoin in Dubai two years ago and it's not like it should be legal by the government because I could easily do a p2p exchange also used bitcoin to rent a car in Dubai, however, the renter was not was officially licensed and legal by the UAE government. I believe there is the same situation for many other countries and since bitcoin is not officially forbidden by the government it's free for everyone to buy or sell anything using bitcoin when the seller is accepting it or using someone and cash it in a p2p deal.

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We must be clear about the use of bitcoin, no matter how accustomed we are according to our country, since it can be a serious error not only of visa suspension if it is the case but even judicial not knowing or understanding the laws that govern cryptoactives, So you have to get advice because simple readings can be misinterpreted, as is your case, in fact it happens with the dollar itself, in many countries its use is allowed, but in others it is a crime, not only cryptocurrencies are restricted .

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Quote from: JohnBitCo on December 21, 2021, 09:23:29 AM

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?

everyone can do that actually, i mean even bitcoin isn't a legal tender as long as the cryptocurrency itself isn't illegal in your country..because you know what will happen to you afterwards if its restricted wherein for sure you will be fine for breaking the rules. So when it comes dubai probably there's no problem because they're a crypto friendly as well wherein it's always good idea to promote digital currency such bitcoin.

Imran232

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Quote from: jackg on December 21, 2021, 09:27:43 AM

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).

Thank you so much, sir. I also have doubts on this topic, but you clarified the thing about legal tender or legalization. That means, what I understand right now, legal tender means what El Salvador did with bitcoin. They made it their official currency. And the topic related to Dubai crypto news is that people will be able to use bitcoin, but they ca use it like their country's currency, like India. That is how India uses bitcoin in their country. Now in Dubai, people can also use Bitcoin. They get permission to use it. Is that the thing right? Is what I'm saying correct, sir?

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Quote from: JohnBitCo on December 21, 2021, 09:23:29 AM

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?

The news doesn't mention anything as Dubai considering bitcoin as legal tender. It is into developing an infrastructure for the cryptocurrency usage. The Dubai World Trade Center is going to get served as crypto zone. This is for the regulation of cryptocurrencies, develop framework to restrict money laundering and illegal transaction. Soon more cryptocurrency exchanges will head in Dubai.

oHnK

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The difference between legal tender and legal is quite significant. The UAE legalizes crypto trading as in some other countries but not as a legal tender. Because they understand, banning crypto is like not accepting technological developments. As long as the state benefits through existing regulations, there is no state interest to prohibit it unless there is an element of interest that is even more profitable.

Easteregg69

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Quote from: JohnBitCo on December 21, 2021, 09:23:29 AM

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?

I don't think they pay tax so there is no obvious reason for making it legal tender.

BTW. My portfolio is exploding after I stopped traded on yobit. How you all doing?

AliKhan189

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Crypto Expo Dubai is the event for Investors and Crypto Industry leaders to network and Explore more business opportunities in the Crypto Space. Meet the right Crypto Companies to Invest and Trade.Cryptocurrencies are not licensed by the UAE Central Bank although a number of cryptocurrency exchanges have been given permission to operate within the financial free zones. The UAE dirham is the only legal tender in the country that is recognised by the Central Bank

Finestream

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Quote

The Central Bank of the UAE does not accept or acknowledge any cryptocurrency in the country, where the dirham remains the nation's ONLY LEGAL TENDER.
But free zones in Dubai and Abu Dhabi have introduced an advanced framework to encourage entrepreneurs in the crypto space to set up exchanges while laying out rules to protect consumers.

Source: https://www.msn.com/en-ae/money/news/dubai-world-trade-centre-to-become-specialised-crypto-zone/ar-AARZvHw?ocid=msedgntp

So it's clear that the UAE isn't a bitcoin legal tender, they're just a bitcoin-friendly country supports cryptocurrency, accepts transactions and also developed regulations on bitcoin just like USA and Japan. Well, that's somehow the first few steps before a country makes bitcoin a legal tender. Infact El Salvador is the only country that is a legal tender for now. Several countries are just observing what's the situation of El Salvador.

fiulpro

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Short answer is : No
It's not a Legal Tender in Dubai, but the government is taking steps to ensure that bitcoins as a whole is accepted more and more. It's more of a crypto friendly nation and I do think if everything goes well then in few years they might think of doing that but right now unfortunately they are not accepting it as a legal tender. Also if you must know, they are not *that friendly* towards bitcoins, they are keen on regulating it and setting up a space where it can be exchanged and invested, at the same time the laws are not much super positive as well, the government nearly does not recognize the transactions in any virtual currencies. It still needs a lot of time there.

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Quote from: JohnBitCo on December 21, 2021, 09:23:29 AM

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?

I think it is not Legal tender in Dubai or in in any state of UAE. The UAE Central Bank (“Central Bank”) and Securities and Commodities Authority (“SCA”) share responsibility for regulation of the UAE’s financial sector, activities and markets in Onshore UAE.

Presently, there is no express prohibition against crypto assets in the UAE, but it is regulated in ‘Onshore’ UAE, the ADGM and very recently this month, the DIFC.

DIFC

The Dubai Financial Services Authority (“DFSA”) is the regulator of the DIFC. Crypto assets have not historically been regulated in the DIFC and firms were not historically licensed to carry out activities in relation to crypto assets but this is beginning to change. On 25 October 2021, the DFSA unveiled its regulatory framework in relation to investment tokens, which reflects the proposals in its consultation paper in March 2021 and forms the first stage of the DFSA’s digital assets regime.

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InvoKing

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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.

tbct_mt2

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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.

Charles-Tim

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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.

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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).

JohnBitCo

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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?

Topic: Is bitcoin legal tender in UAE (Dubai) ? (Read 197 times)