BREAKING for Bitcoin: Royal family of Dubai want BTC and other cryptos to become legal tender

  • This collaboration, as revealed, helps to enhance Bitcoin transactions as a legal tender in the United Arab Emirates (UAE).
  • Occasioned by the rising adoption of cryptocurrencies, UAE authorities plan to revamp the virtual economy of the country.

The company of the private office of Sheikh Saeed bin Ahmed Al Maktoum, Seed Group has collaborated with CoinCorner, a renowned provider of Bitcoin and Lightning Network services. This collaboration, as revealed, helps to enhance Bitcoin transactions as a legal tender in the United Arab Emirates (UAE).

Hisham Al Gurg, CEO of Seed Group, hinted that“apart from individuals, a large number of companies are ready to embrace Bitcoin and other digital currencies as legal tender for future transactions.” Al Gurg further revealed that the UAE intends to avail “a growth-oriented environment” to emerging fintech firms. This, according to him, will be done by “establishing an ecosystem for digital currencies.” Additionally, he believes “companies dealing in cryptocurrencies possesses enormous potential in the Emirates’ digital economy.”

Notably, Seed Group aims to help CoinCorner extend its offerings into the Emirates and the wider Middle East. Additionally, the private company will bank on the collaboration to effectively market Coincorner’s products and services. This, as reported, tends to enable CoinCorner to reach its audience, and as well access “the top decision-makers in the government as well as private sectors.”

The Bitcoin service provider, on the other hand, aims to “focus on establishing a user-friendly platform” in UAE. This, according to CoinCorner, paves the way for the residents to buy, sell, send, receive, and store bitcoin. More so, the protocol wants to avail local businesses solutions to dealing with bitcoin.

The CEO of CoinCorner, Danny Scott expressed the delight of his team to “enter into a mutually beneficial partnership with Seed Group.” Scott affirms the commitment of CoinCorner to making Bitcoin transactions the “new normal” in the UAE. This, according to him, will be actualized through the protocol’s unique solutions, facilitating instant and frictionless payments.”

UAE aiming to revamp its virtual economy

Occasioned by rising adoption of cryptocurrencies, UAE authorities plans to revamp the virtual economy of the country. As of press time, UAE crypto market ranks third amidst the largest within the Middle East. It reportedly enjoys a transaction volume, amounting to over $26 billion. Now, the country looks even set to go higher.

Recently, Virtuzone, a leading provider of business formation in UAE partnered with Binance. As reported, the partnership manifested to enhance crypto adoption in the country. Furthermore, the development makes Virtuzone the first company in the UAE to accept cryptocurrency payments through Binance Pay. According to Neil Petch, Chairman, and Co-founder of Virtuzone, the partnership illustrates the company’s commitment to pursuing innovative solutions in UAE

 

About Author

Olaleye Komolafe is a professional reporter with vast experience in web3, cryptocurrencies, and NFT journalism. He enjoys writing about the evolving metaverse sphere. Notably, some of his contents have been published in numerous publications.

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