TL;DR Breakdown
• The United Arab Emirates prepares to benefit from crypto growth in the market.
• Cryptocurrency platform Bittrex seeks to participate in these new crypto adoptions in the UAE.
This 2021 has been the best time for crypto growth, which has intensified globally. Dubai is one of the new countries to enter the decentralized financial market and has shown its appreciation for cryptos. According to Bittrex Global’s CEO, the UAE is preparing to adopt cryptocurrencies and its entire Blockchain network.
Stephen Stonberg, Bittrex director, believes that Dubai is going on the right path to adopt and implement Blockchain technology in the country. Stonberg believes these new crypto adoptions could give a boost to the cryptocurrencies prices.
New measures in Dubai to improve crypto growth
As a financial hub in the UAE, Dubai has created new measures to boost crypto growth. Stonberg longs for sovereign agencies in the Middle East to follow Dubai’s moves and its crypto adoption methods.
In May, the IATA Dubai Free Region agency signed a contract with the SCA that supported the regulation and trade of cryptocurrencies. The France DMCC region created a crypto payment platform that supported the purchase of sugar. But the Bitcoin Foundation was present in the Nasdaq Dubai market for June, being historical participation.
According to Stonberg, Dubai would do great if it uses cryptocurrencies as a payment and trading system. The Bittrex CEO also dares to say that his platform will be supporting crypto in the country.
The cryptocurrency market has rebounded in the last month, with positive opinions from Bittrex and Elon Musk, Tesla CEO. The crypto landscape looks promising, not only in Dubai but also in various parts of the world.
Dubai and using cryptocurrencies
Cryptocurrencies, especially Bitcoin, have gained fame in various countries around the world. In June, the AIBC conference was held in Dubai to educate new investors in the country and increase crypto growth.
This summit was a success, and it has undoubtedly been the engine driving new crypto adoption in the country. Dubai has been impartial about crypto regulations, which is why it has not created so much controversy in the market. However, these new indications will participate and could be the next country to promote cryptocurrencies.
For now, these announcements in the United Arab Emirates have not brought changes in the crypto market. Bitcoin maintains its prices at $48,548, with a drop of 0.95 percent in less than 24 hours.
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