What does this mean for Bitcoin adoption

pooya87

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Quote from: SatoPrincess on September 23, 2021, 05:57:41 AM

You can legally run a large scale crypto trading business in Dubai.

It depends, "crypto trading" usually has very little to do with bitcoin adoption. It is usually gamblers who want to try their luck in a very volatile and mostly manipulated altcoin market to make profit (in fiat).
What really affects bitcoin adoption is when the country accepts bitcoin as a currency like what El Salvador, Japan and a bunch of other countries did some years ago.

Issa56

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Now most people are beginning to know about bitcoin which is very good I believe very soon bitcoin will be legally accepted in all countries and you will just be able to walk into any store and you will buy your goods and make payment with bitcoin. Very soon more countries won't just have choice than to legalize bitcoin because bitcoin is really spreading rapidly which is very good.

ILuckyGuyI

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This is really good news for the entrepreneurs in Dubai. As long as they benefit from this situation, it will definitely help Bitcoin adoption reach bigger levels also. But I don't think that it will have a huge impact as it is including only a certain area. But as long as this kind of incidents happen, Bitcoin adoption will reach higher levels slowly.

RILWAN

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Well, crypto adoption is gradually gaining ground and many countries around the world are now adopting cryptocurrency as a secondary currency and as a legal tender. Dubai is the next country to publicly accept Bitcoin, just like El Salvador did a month ago.

DeathAngel

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Dubai is a very wealthy country with lots of rich people living there so it’s obviously good for bitcoin adoption. In isolation it may not do much to the price in the short term but a house needs lots of bricks to be complete. Maybe this is an important brick in worldwide adoption.

hugeblack

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It's old news that you can trade bitcoin in Dubai free zone with ease.
You still can't do it officially in the country so it's hard to get a crypto license in Dubai but I think things will change in the coming years.
The important news will be whether the state invests or encourages that, that news will bring about a turning point.

Hydrogen

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Dubai is an attempt to create value and wealth for a future world where middle eastern oil reserves have run dry. On paper everything about it is great. Except for the high temperatures. It naturally makes sense for them to offer a welcoming environment to crypto markets to offset some of the negatives present with the weather, which has been said to be unbearably hot during the hottest months of the year.

Attracting long term residents has to be one of their top priorities to guarantee dubai maintains a sustainable and flourishing population and doesn't wind up a ghost town. And so it is possible they will offer positive long term policies for crypto HODLers, crypto nomads and those who might care about those policies the most.

I still think that if we have problems with climate change and rising sea levels. It makes sense to desalinate ocean water and pump it into the middle east to transform desert regions into tropical forest land via afforestation. The process could have a natural cooling effect on the region, making it more hospitable to human life.

hd49728

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Middle East countries are opened for cryptocurrency and this news is not strange. In 2017, the market was hyped by the news that in Middle East, Dubai in particular, you can buy real estate with Bitcoin.

After 4 years, if they open more for cryptocurrency, it is very logically.

https://www.cnbc.com/2017/09/05/dubai-real-estate-project-first-to-be-priced-in-bitcoin-michelle-mone.html

yazher

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They just simply telling people right now they are staying neutral about it. No ban and no promotion just simply letting everyone knows that they will be allowed to use it in their country. Unlike El Salvador's total adoption, this kind of decision can be changed at any moment depends on them. One thing we can be sure about it, they won't take any actions if you just merely holding crypto currencies unless you are doing something illegal.

Upgrade00

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AFAIK, there have been no restrictions on transactions involving Bitcoin in UAE so while it was not legally approved as a tender, it was not illegal to own, buy or sell it.
This report talks about regulations of the previously free cryptocurrency market and from the linked article, focus seems to be on altcoins, ICOs and NFTs rather than Bitcoin.
I doubt it would have much impact on bitcoin or affect its usage within that region.

DarkDays

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This news is basically paving the way for Dubai based businesses to enter the crypto market without any legal fright.

If this will be taken onboard by many local and international businesses, the potential for crypto adoption could be massive though I expect this to be taking some time before seeing any true adoption effects maybe a year or two.

While SEC gave Dubai the go ahead, I wonder which other country will be next Huh

Either way, this news is again affirming that crypto is here to stay!!!

SatoPrincess

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You can legally run a large scale crypto trading business in Dubai. Cryptocurrency adoption is rapidly increasing, ensure to HODL
https://cointelegraph.com/news/uae-regulators-approve-crypto-trading-in-dubai-free-zone?

Topic: What does this mean for Bitcoin adoption (Read 190 times)