Dubai to launch the first registered cryptocurrency
A new cryptocurrency to be registered in Dubai and it will be the first officially registered one in the country.
According to local media Al Zarooni Group and Crypto Bulls have joined together to launch the Crypto Bulls Exchange which is slated to be one of the biggest game changers for Dubai in the financial world.
Suhail Al Zaroon, chairman of the Al Zarooni Foundation, stated:
“This will be the milestone for getting global investments opportunity from all over the Globe in UAE, as all financial techs and investors are looking forward in Crypto & Block chain Industry.”
Dubai is aiming to be one of the world’s top destination for crypto and blockchain industries and to have all 50% of all government transactions handled by the blockchain by 2021. However, to turn this vision into reality, Emcash, a stablecoin, is also being discussed as a possible future step for Dubai. As Dubai opens its doors to crypto, big fintech companies will be attracted to the country. Ripple has been one of the first with its announcement that it will be opening an office in Dubai before the end of the year.
For just under six months since the launch, the exchange has already “housed” more than 200,000 crypto traders. The cryptocurrency industry is expected to grow rapidly in Dubai, as the country is taking serious steps to support the development of digital coins and blockchain.
As reported by Bank of Hodlers, the exchange will offer its clients fiat trading pairs in Dirham, which is the local currency in Dubai. The hope is that the exchange will be able to capture international investors, particularly from all around Asia and the Middle East.