The United Arab Emirates are already in the “bull” graph when it comes to cryptocurrencies and their adoption. Dubai is one of the most technologically advanced countries in the world, and it has set a mission to become a global tech hub in the very recent future.
Dubai has set the ambitious goal to have its government operations 50% blockchain-based by 2022. A stablecoin called Emcash is also being discussed as a possible future step for Dubai.
Along with this plan is the rapid adoption and expansion of cryptocurrencies. Dubai welcomed its very first official cryptocurrency exchange, a joint venture of Crypto Bulls and Al Zarooni Group. The exchange will be called Crypto Bulls Exchange.
The chairman of Al Zarooni commented:
“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 & Blockchain industry.”
The exchange has already “housed” more than 200,000 crypto traders for just under six months since the launch. 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.