CNN: Dubai plans to accelerate the transition to cryptocurrencies

Last Updated on April 13, 2021 by livelydubai

CNN reported that Dubai wants to accelerate the transition to digital currencies, in its endeavor to become the global center for cryptocurrency investments, in parallel with its ambition to digitize most government and private company transactions in the coming years.

On its website, the network published a report on Dubai’s accelerating trend towards cryptocurrencies and the spread of digitalization applications in the daily life of its residents in general.

The report emphasized that Dubai hopes to lead the way in adopting digital currencies, in light of a global context that witnessed “Bitcoin”, which is the largest and most famous digital currency in the world, and it has achieved during the recent period a milestone when its value jumped to a record level, which is 60 thousand Dollars, in a sign that cryptocurrencies have become a growing force in global financial markets, which has made major banks and governments nervous.

The report stated that the Dubai Multi Commodities Center is at the heart of the strategy adopted by Dubai to spread cryptocurrencies and digitalization applications, as the center aims to provide a central and regular platform that will manage all activities related to cryptocurrencies in Dubai and prepare the emirate to enter the era of cryptography.

The report stated that the Dubai Multi Commodities Center believes that creating a secure environment for crypto companies is a crucial step to attract investment.

He added that Dubai is seeking through these initiatives to accelerate the transition to cryptocurrencies, hoping that it will be in a good position when the time comes when digital money becomes a predominant presence in the global economy.

The report included an interview with Ahmed Bin Sulayem, CEO and CEO of the Dubai Multi Commodities Center, who said: “The idea is to create technical value in Dubai, a lot of it will be digital, but there will be the physical side as well. We’d better have the knowledge at least. Then, when the time comes to use it, you have the tools. ”

He added, “It takes confidence and security, and their availability requires covering all the bases.”

The report also included interviews with financial experts, including Xavier England, Managing Director of Strategic Affairs and Consulting, Accenture Middle East for Management Consulting, who said: “Dubai has always been at the forefront of adopting digital technologies in general. There is a strong trend to bring in these new technologies, such as cryptocurrencies and blockchain technologies for government transactions.