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Author Topic: Is bitcoin legal tender in UAE (Dubai) ?  (Read 162 times)
Mamun74
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December 23, 2021, 07:30:12 PM
 #21

Short Answer is No.Bitcoin Isn’t legal tender in UAE (Dubai.).Bitcoin legal means, Being bitcoin is a part of payment. A lot of country's Bitcoin has not legal likr Dubai.They can use easly bitcoin in p2p exchange. Bitcoin and cryptocurrency already legal in many counties. But cryptocurrency is banned in UAE ( Dubai)
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December 23, 2021, 07:57:15 PM
 #22

I was reading this news Dubai World Trade Centre to become a specialized crypto zone. No country can do such promotion for crypto currencies unless it is legally accepted in their country.
So does it mean that the Government of the United Arab Emirates has declared crypto legal in their country?
You can't draw a such a conclusion from an article made to attract investors, for a currency (Crypto or Fiat) to be a legal tender of any sovereign nation it has to have a law backing it up. From what I know there is no law in the United Arab Emirates UAE backing Bitcoin as a legal tender so the answer to your question is no.

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December 23, 2021, 11:12:46 PM
 #23

I was reading this news Dubai World Trade Centre to become a specialized crypto zone. No country can do such promotion for crypto currencies unless it is legally accepted in their country.
So does it mean that the Government of the United Arab Emirates has declared crypto legal in their country?
I doubt it's a legal tender in that country because currently only one country (as far as I know) in the whole world has made bitcoin a legal tender. It was El Salvador, few months ago. And yes, they are allowed to do such kind of promotion. The country hasn't banned or made bitcoin or any other crypto currencies illegal. It doesn't have to be a legal tender for someone to legally accept bitcoin. Any merchants can accept bitcoin if they want as long as it is legal in their country. On other hand, if it was a legal tender, they have no choice but to accept bitcoins if their customers pay in bitcoin.

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December 23, 2021, 11:16:32 PM
 #24

I was reading this news Dubai World Trade Centre to become a specialized crypto zone. No country can do such promotion for crypto currencies unless it is legally accepted in their country.
So does it mean that the Government of the United Arab Emirates has declared crypto legal in their country?
You can't draw a such a conclusion from an article made to attract investors, for a currency (Crypto or Fiat) to be a legal tender of any sovereign nation it has to have a law backing it up. From what I know there is no law in the United Arab Emirates UAE backing Bitcoin as a legal tender so the answer to your question is no.

and to be honest, do you really think UAE will give up their dirham? i don't think so. the article is just saying dubai is opening a crypto zone in their country. but it doesn't mean, they will make bitcoin as legal tender just like el salvador. it means, they are open to crypto businesses. just like they have free-trade zones in dubai.
on another note, i believe this move of dubai is good as they can create a crypto hub in the ME. they will be the leading country in their region when it comes to crypto.

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December 24, 2021, 03:12:36 AM
 #25

I was reading this news Dubai World Trade Centre to become a specialized crypto zone. No country can do such promotion for crypto currencies unless it is legally accepted in their country.
So does it mean that the Government of the United Arab Emirates has declared crypto legal in their country?
The UAE has gone one step further, it has created so-called "financial-free zones," or areas that are mostly tax-free and heavily regulated. The UAE positions themselves as a safe port for cryptocurrency companies.
Of course this is the latest development that needs to be listened to and used as a momentum that more and more big countries are also playing a role in crypto. We will wait for developments in the surrounding countries, which are a bit too closed off.

You can't draw a such a conclusion from an article made to attract investors, for a currency (Crypto or Fiat) to be a legal tender of any sovereign nation it has to have a law backing it up. From what I know there is no law in the United Arab Emirates UAE backing Bitcoin as a legal tender so the answer to your question is no.
They don't specifically state that in all countries it is free and legal tender, but Dubai Financial Services Authority is planning to create a crypto regulatory framework as part of its business plan. The authority has issued a series of regulatory approvals for the crypto industry so far, while Dubai is home to several crypto-free economic zones.

but this is a step forward that the UAE has taken to ensure that they are ready for all parts of the country to accept once the regulations are finalized.

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