Dubai is a small sliver of the United Arab Emirates (UAE) and was once simply a road and a smattering of shops. In a small number of years, that road and a handful of shops has boomed into one of the most famous cities on the planet. It is home to countless billionaires and has become synonymous as the playground of the rich and famous. Unsurprisingly, the government has decided to make the UAE the first blockchain government.
In a move that brings it one step closer to its goal, the government has just launched its new blockchain payment system. According to announced plans, it will be used to pay government-related fees, such as traffic violations, road permits, licenses, and a myriad of other things.
Starting Small
For now, the government payment system and blockchain is only tied to 27 government entities and a further 14 non-government entities. But, this number is set to increase in the coming months to incorporate all aspects of government payments. While the new payment system, dubbed DubaiPay, doesn’t process transactions in real-time – it actually takes around 45 days – it does let government officials track payments in real time. The old system didn’t have this ability, so government entities didn’t know if someone had actually submitted a payment to the system until it cleared into the government’s account.
UAE Loves Crypto
The UAE is a favored destination for the super wealthy, but now this list will include crypto millionaires. To satisfy this new genre of millionaire, the country has begun rolling out new products and services that can only be bought through crypto. Around the globe you can already purchase property for Bitcoin or get your hands on a classic 1967 Shelby Mustang with crypto, but nothing compares to the luxury offered in the UAE.
When it comes to luxury purchases with crypto, the UAE raises the bar. Developers are offering custom designed villas in the Al Mahra resort – Ras al-Khaimah – for around 25 BTC. These high-quality villas come fitted with the latest tech and unbeatable views overlooking the Persian Gulf.
Sharia Compliant Trading Set to Launch
The majority of citizens in the UAE abide by Islamic law, this means there needs to be a crypto trading solution that is Sharia compliant. They work exactly the same as regular crypto exchanges, but with a few tweaks included such as no margin trading or overnight fees. The aptly named First Islamic Crypto Exchange (FICE) will be the first Sharia-compliant crypto exchange. There are an estimated 1.8 billion people worldwide that abide by Sharia law, so this crypto exchange has the potential to see a huge amount of trade volume.
The UAE is pushing boundaries and quickly becoming the blockchain capital of the world. While not many companies are setting up shop in the UAE, it is certainly becoming a hotbed for blockchain implementations. In the coming years, we will see more services utilizing blockchain technology to become leaders in their fields.
