UAE becomes world leader in cryptocurrency adoption
The UAE has emerged as a global leader in the adoption of cryptocurrency across various industries, encouraging its widespread adoption beyond the financial sector, with industry-friendly regulatory policies taking a structured form that is leading to an increase in the real-world use cases for digital currencies, industry experts have stated.
Private companies are stepping up to further embrace cryptocurrency, offering more real-world options for its use to make its use more inclusive and accessible across more sectors of the economy without disrupting traditional financial systems.
“As regulations take a more structured form, cryptocurrencies have finally been given a number of real-world applications in various sectors [of the economy] in the UAE,” Sergei Sheleg, chief product officer of eSIM Plus, a virtual SIM card provider operating globally, told online news portal Arabian Business.
“One such example is the payment for basic telecoms access, the proliferation of which we are seeing among a large proportion of consumers in countries such as the UAE,” he said.
Sheleg added that the widespread adoption of cryptocurrencies across all major industries is a testament to the growing investor confidence in the UAE’s current regulatory framework.
Philip Lord, president of Oobit, a cryptocurrency payment app, and co-founder of Pimlico Partners Middle East, said the growing ownership of cryptocurrencies emphasises their huge potential.
“The key idea is to enable people to seamlessly use their cryptocurrency assets to make payments without changing the familiar system,” he said.
“For example, we at Oobit are optimising the existing contactless payment infrastructure by endowing it with additional benefits,” Lord said.
Bandeep Rangar, CEO of Fineqia, a publicly traded Canadian company that provides investors with a diversified portfolio of cryptocurrency-related investment opportunities, told Arabian Business that the widespread adoption of cryptocurrencies in the UAE can be attributed to strategic decisions taken at the government level.
Source: ARABIAN BUSINESS
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