After becoming one of the first countries to financially overcome the Covid pandemic, the city has set its sights on investing in crypto to become the biggest global tech hub.
Key Points:
- Dubai has set its sights on becoming the biggest tech hub in the world after the Covid pandemic.
- The businesses in the city have now planned to invite and promote investors to invest in cryptocurrency.
- Dubai is now racing to become the biggest cryptocurrency investor since it’s the new “digital currency for all.”
The businesses in Dubai now want to turn the city into the biggest technology hub in the “new world” created by the Covid pandemic.
With cryptocurrency slowly being on the rise as a digital exchange, Dubai is now hoping that it will become a legally accepted tender in all countries. This will facilitate business between all countries in an easier manner since only one currency will be used to trade for all.
Ola Doudin, the co-founder of Dubai-based cryptocurrency platform BitOasis, proclaimed that “Dubai, and the UAE overall, is a world-class example of dealing with a pandemic. Now you see talent internationally, from all parts of the world, wṣanting to move to Dubai.”
During and after the pandemic, Dubai has seen a lot of investments pour in on cryptocurrency. Many cryptocurrency startups in North African and Gulf countries received around $655 million of investment in 2020. In 2021, this increased since the Emirates alone received half of the $3 billion total worth of crypto investments.
Doudin also exclaimed that “We’re definitely seeing Dubai leading that race, competing with other financial hubs and really positioning itself as a global crypto hub.”
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