DED Officials Debunk Bitcoin ATM Speculation in Dubai
UAE residents looking forward to an army of bitcoin ATMs being installed in Dubai may be disappointed to find out that it's not happening ... at least for now. Last week, there was speculation on social media that 400 ATMs had arrived in Dubai. In response to an earlier BitAccess announcement, Sergey Yusupov tweeted a photo of the machines and noted that they would be activated in two weeks. @BitAccess welcome to #Dubai but 400 #BitcoinATM are already here and will be activated in 2 weeks! pic.twitter.com/0i1duhCCXq. - Sergey Yusupov (@uniqbiun) March 18, 2014. However, the UAE Department....
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Police in Dubai have reportedly arrested a man accused stealing bitcoins from several individuals. Local sources report that three Dubai citizens were defrauded after connecting online with someone claiming to be a bitcoin buyer who wanted to purchase the digital currency at a premium. According to Dubai police officials, those affected apparently let the suspect access their bitcoin wallets during the sale. Once inside, those accounts were emptied, with just over $100,000 in bitcoin being taken. Dubai officials are said to have expressed concern about the nature of the crime. Salim bin....
Dubai does not have an official cryptocurrency, officials state. As a tech-friendly region, Dubai is never short of new and promising projects, including crypto and blockchain, but the influx of new cryptocurrencies makes it harder for newcomers to distinguish shady campaigns from reliable ones. The Dubai Media Office announced that the authorities have never approved a digital currency named Dubai Coin, which saw a 1,000% jump when the project launched as “the official digital currency of Dubai” earlier this week. “It’s not the official cryptocurrency of the city,” the announcement....
Dubai‘s leaders are committed to researching and developing blockchain technology. For instance, the Crown Prince of Dubai wants all government documents held in a blockchain by 2020. Now the largest bank in Dubai, Emirates, has partnered with India’s ICICI on a remittance pilot based on distributed ledger protocols. Crown Prince of Dubai Focused On....
The rulers of Dubai have created a committee that is mandated with tracking the latest developments in the digital economy. The committee is also expected to bolster the rulers’ quest to make Dubai a “key city in the metaverse.”
Dubai Rulers’ Vision
The Dubai rulers, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum the crown prince and the deputy prime minister, Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, reportedly “reviewed vital technology trends in the metaverse and issued directives to form a task force to track the latest....
A school in Dubai has announced that it will be accepting cryptocurrencies such as Bitcoin and Ethereum as payment. Dubai is a city that has continued to introduce new and favorable laws regarding cryptocurrency and as a result, has seen the adoption of digital assets rise in recent times. The Dubai school which is scheduled […]