Bitcoin and Dubai

[alexandramathews]

Dubai does not consider Bitcoin legal tender, but there aren't restrictions on buying or selling either. Based on LocalBitcoins volume and Google Trends data, Bitcoin looks alive and well in Dubai. Is this true?

https://www.jumeiraconsultants.com/business-setup-services-in-dubai/

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[Kittygalore]

I can't say for sure but there was a post about bitcoin as to whether it is haram or halal and I don't know what the Muslim scholars have decided but it seems to favor haram and knowing that Dubai is Muslim country there might be some problems but I don't think that it hasn't stop bitcoin economy in there so probably the statistics were true.

[cryptomaniac_xxx]

Yes, bitcoin is alive and kicking in Dubai, Dubai Free Zone Becomes First UAE Government Entity to Accept Bitcoin.

The free zone accepts payments in bitcoin, ether and the tether stablecoin.

And another positive news, Dubai’s IBC Group pledges 100,000 bitcoins, the largest bitcoin investment in history to support setup of Miami 2.0 Blockchain Strategy Foundation.

So it pretty much says that rich Arab countries like Dubai are getting into bitcoin or cryptocurrency as a whole.

[shahzadafzal]

Dubai does not consider Bitcoin legal tender, but there aren't restrictions on buying or selling either. Based on LocalBitcoins volume and Google Trends data, Bitcoin looks alive and well in Dubai. Is this true?

https:// www[dot]jumeiraconsultants [dot] com/business-setup-services-in-dubai/

Yes its true, its not clearly defined yet

"Dubai: While the UAE doesn't recognize Bitcoin as a legal form of tender, there are means to trade them. (The only legal tender in the UAE is the UAE dirham.)"
This is the latest update from Jan 2021

https://gulfnews.com/your-money/saving-investment/what-to-keep-in-mind-when-buying-trading-bitcoin-in-the-uae-1.1607349888624


By the way what this link for? jumeiraconsultants [dot] com? I did not get it how its related to this service?
Are you providing consultancy services? and trying to create references?

[KryptoKings]

Dubai does not consider Bitcoin legal tender, but there aren't restrictions on buying or selling either. Based on LocalBitcoins volume and Google Trends data, Bitcoin looks alive and well in Dubai. Is this true?

https://www.jumeiraconsultants.com/business-setup-services-in-dubai/

That's not the case with Dubai only. In India too bitcoin is not recognised as legal tender yet trading volume on pacful, localbitcoin is growing by day.
I think Dubai government will soon regulate btc and crypto as it has become global village.
If Dubai recognised btc, other arab countries will follow the suits.

[Banprox]

Dubai does not consider Bitcoin legal tender, but there aren't restrictions on buying or selling either. Based on LocalBitcoins volume and Google Trends data, Bitcoin looks alive and well in Dubai. Is this true?

https://www.jumeiraconsultants.com/business-setup-services-in-dubai/

Dubai is one of the most rich country in the world. They don't accept bitcoin as a currency. But don't have any restrictions to buy or sell it. I think their most of the Rich people hold bitcoin for future. That's why buy and sell is legal.

[pankowri]

It gives a positive vibe that Dubai gives no restrictions on buying and selling bitcoin. It a big thing that if Dubai accepts BTC then the other Arab countries may consider it positively and it will be halal and safe for the Muslims. Dubai is a rich country and maybe people buying and holding bitcoin day by day it's ratio will increase and if bitcoin can ensure that there will no illegality Arab countries may use it rapidly.

[GreatArkansas]

(....)
Dubai is one of the most rich country in the world. They don't accept bitcoin as a currency. But don't have any restrictions to buy or sell it. I think their most of the Rich people hold bitcoin for future. That's why buy and sell is legal.

Illegal buying and selling of Bitcoin for a country is already an old school now, we already saw it in previous years in different countries. There are a lot of ways to buy or to sell your Bitcoin even you are from a country that has a lot of restrictions.
How you can measure people being "rich"? If you are saying rich people from Dubai, for me it is still the same people for other country that is holding Bitcoin.

[proTECH77]

Dubai does not consider Bitcoin legal tender, but there aren't restrictions on buying or selling either. Based on LocalBitcoins volume and Google Trends data, Bitcoin looks alive and well in Dubai. Is this true?

https://www.jumeiraconsultants.com/business-setup-services-in-dubai/

Yes, is true  because the government is hearing the good news of bitcoin and how people are using it to enrich their self in a country. Despite the Dubai have never make bitcoin legalized for the citizens to fully show up in bitcoin investment, but with the results the Dubai government is getting from some communities show that the government will soon make bitcoin legal to anyone in the country to have access to in the country.

[testghijk]

Bitcoin and Dubai?

2008:

Did you know Satoshi released a pre-release draft of the whitepaper in August of 2008? With the title: Electronic Cash Without a Trusted Third Party
https://reddit.com/r/Bitcoin/comments/41f9em/did_you_know_satoshi_released_a_prerelease_draft/

http://www.upload.ae/file/6157/ecash-pdf.htm

[wxxyrqa]

Dubai does not consider Bitcoin legal tender, but there aren't restrictions on buying or selling either. Based on LocalBitcoins volume and Google Trends data, Bitcoin looks alive and well in Dubai. Is this true?

https://www.jumeiraconsultants.com/business-setup-services-in-dubai/

Yes, is true  because the government is hearing the good news of bitcoin and how people are using it to enrich their self in a country. Despite the Dubai have never make bitcoin legalized for the citizens to fully show up in bitcoin investment, but with the results the Dubai government is getting from some communities show that the government will soon make bitcoin legal to anyone in the country to have access to in the country.

Many governments justify their ban on cryptocurrencies on the grounds that they care about the financial health of their citizens. They believe that people are investing in Bitcoin and thus may lose their savings, since Bitcoin is not a stable asset. But I believe that every person who chooses where to invest their funds should initially study this area of ​​investment and therefore is responsible for his own actions. Based on this, the government should not hide behind caring for people, banning cryptocurrencies. Bitcoin should be a common commodity to buy, like the others, and available to everyone.

[Rana590]

Dubai is a tourism dependent country and at present the economic wheel of Dubai is turning very fast. In this case, Bitcoin can increase this speed many times over. That is why the government and the banks have to come forward.

[yhiaali3]

Dubai is one of the best areas for technology support in the world, I think Bitcoin and Blockchain will find a perfectly suitable environment in Dubai. A lot of good projects related to Bitcoin and Blockchain can be done there. Dubai has hosted a lot of conferences and meetings that talk about blockchain and I think that there are a lot of companies that are interested. With this technology there.
It is true that Bitcoin is illegal so far in Dubai, but I do not think that there are laws that prohibit dealing with Bitcoin in the country, as far as I know Dubai encourages technology in general, so I think that there is a fertile environment for the growth of projects that depend on bitcoin and blockchain there.

[LeGaulois]

FYI there is a free zone in Dubai where people can pay using cryptocurrencies

Bitcoin and other crypotcurrencies are now a mode of payment at KIKLABB, the Dubai-based free zone. This will apply for all payments related to trade licenses and visa fees issued by it.


I'm not Muslim but Christian and I truly wonder how can you think such a Muslim country can give the (full) green light for BTC and co.

I'm well aware that speculating is forbidden in Islam, and it's not because cryptocurrencies are different that the rules are different. While buying and selling you're speculating with the goal to make a profit. Exactly what Islam is against.

If it's about buying BTC to buy an item or a service of course it's different, but I watched several speeches from Imam, Mufti, and scholars and all of them had the same speech. When it suits you it is halal, but when it bothers you it is haram

[Streets 2.0]

In this country, with all the severity of its laws and religious restrictions, there are smart people who do business in various industries from tourism to finance. Therefore, they take such steps as the opening of special zones. Somewhere you can buy alcohol, but not in other parts of the country, it is prohibited and severely punished by law. The same goes for cryptocurrency. I don't understand why this surprises anyone. Arabs are the same people with the same normal desire not to miss their opportunities in the new world financial architecture. So rest assured - there is a future for cryptocurrency in this country.

[aioc]

I can't say for sure but there was a post about bitcoin as to whether it is haram or halal and I don't know what the Muslim scholars have decided but it seems to favor haram and knowing that Dubai is Muslim country there might be some problems but I don't think that it hasn't stop bitcoin economy in there so probably the statistics were true.

I guess the Muslim scholars haven't decided on this issue, it's an issue that hopefully will favors the Cryptocurrency community, we have millions of Muslim brothers who are investors, traders, developers and bounty hunters and it will have an impact if the scholars favors against it, if it favors it will be a giant step for adoption, so we'll wait for the scholars to meet , tackle and resolve this issues.

[Theb]

Bitcoin or crypto in general with the news about it no being a legal tender is one of the news that is always being inflated by the crypto news media but the truth is cryptocurrencies not being a legal tender is nothing to worry about. Why? Because one of the first laws of most of the countries is a recognition of one legal tender and that is their own fiat currency not unless their own government has mandated their basic laws like what Venezuela did on accepting USD this basic law won't be change that is why countries who accepted cryptocurrencies have not recognized Bitcoin or other cryptocurrencies as a legal tender but rather they just classify them as a "digital asset"  or other closely similar terms like "crypto asset". Crypto being an asset while at the same time it being not a legal tender just gives these type of assets to move freely in that country without harming their own fiat currency as their one and only legal tender.

[willoweb]

That's right! The point is really not that it will be allowed or not. The point is what legal status within the existing financial system of the country will receive activities related to cryptocurrency. This is happening all over the world right now. Arabs know a lot about finance and understand that the future of world finance will be inextricably linked with cryptocurrency. On this train you need not only to have time to get on, but also to take a comfortable and profitable seat on it. Hence, so much news about prohibitions and permissions.

[Findingnemo]

AFAIK, no where in the world Bitcoin was accepted as legal tender which means as a currency but many government accepted it as asset and regulated as digital asset and also having tax rates depends on the nation. In Dubai you are allowed to HOLD or trade bitcoin with no worries as long as you are paying your taxes there.

[plr]

Dubai does not consider Bitcoin legal tender, but there aren't restrictions on buying or selling either. Based on LocalBitcoins volume and Google Trends data, Bitcoin looks alive and well in Dubai. Is this true?

https://www.jumeiraconsultants.com/business-setup-services-in-dubai/

Dubai has a good view on Cryptocurrency although they don't have regulations on buying and selling, so far I haven't read that it is haram to own Bitcoin in Dubai, hopefully, it will stay like this, in Dubai, they are one of the financial capital in the Middle East and a big help on the adoption of Cryptocurrency

Who knows one day Dubai will become a prime mover of Cryptocurrency adoption.