[2014-10-25] Bitcoin future in UAE uncertain due to lack of regulation

[botany]

Bitcoin future in UAE uncertain due to lack of regulation

http://www.thenational.ae/uae/bitcoin-future-in-uae-uncertain-due-to-lack-of-regulation

Efforts to promote the use of Bitcoin in the UAE have stalled amid uncertainty over how it is regulated here and in the wider region.

“We reached a point where we are still uncertain about complying with regulations, which is where we have actually stalled,” said Tarik Kaddoumi, who started Umbrellab, a Bitcoin services company, with co-founder Sergey Yusopov.

In April, Umbrellab activated the UAE’s first Bitcoin ATM in Dubai Media City, but it has since scaled back its efforts until regulatory questions are resolved.

Damn.... Support from one of these oil rich gulf states would have been good for bitcoin. 

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1715237405

[PenAndPaper]

Damn.... Support from one of these oil rich gulf states would have been good for bitcoin. 

It would have been good for speculators. Wider adoption in 3rd world countries would have been better for bitcoin.

[Wekkel]

It's just the phase Bitcoin is in. Early adopters will force others into the game. As long as Bitcoin solves a real problem, adoption will inevitably follow.

[cbeast]

The only place I care less about than New York adopting Bitcoin. I guess they'll just have to keep using cheap Filipino labor to carry their bags of gold around.

[botany]

The cheap Filipino labour would have been very happy if they were paid in bitcoins. 
Money transfer charges take a chunk out of remittances.

[TheGame]

I don't think a lack of regulation is a bad thing, unless you're trying to 'legitimize' it in the eyes of the law. Just keep using it and governments around the world will slowly take an interest in it as they look to try tax it in whatever way they can.