The royal family in Dubai wants BTC and other cryptos to become legal tender

• This collaboration, as revealed, helps improve Bitcoin transactions as legal tender in the United Arab Emirates (UAE).
• Due to the growing use of cryptocurrencies, the UAE authorities are planning to revamp the virtual economy in the country.

The company of the private office of Sheikh Saeed bin Ahmed Al Maktoum, Seed Group has partnered with CoinCorner, a well-known provider of Bitcoin and Lightning Network services. This collaboration, as revealed, helps improve Bitcoin transactions as legal tender in the United Arab Emirates (UAE).

Hisham Al Gurg, CEO of Seed Group, suggested that “apart from individuals, a large number of companies are ready to embrace Bitcoin and other digital currencies as legal tender for future transactions.” Al Gurg further revealed that the UAE intends to employ “a growth-oriented environment” for new fintech firms. According to him, this will be done by “establishing an ecosystem for digital currencies.” In addition, he believes that “companies that trade in cryptocurrencies have enormous potential in the Emirates’ digital economy.”

In particular, Seed Group aims to help CoinCorner expand its offerings to the Emirates and the wider Middle East. In addition, the private company will invest in the collaboration to effectively market Coincorner’s products and services. This, as reported, tends to enable CoinCorner to reach its audience, as well as gain access to “the best decision-makers in the government as well as the private sector.”

The Bitcoin service provider, on the other hand, aims to “focus on establishing a user-friendly platform” in the UAE. This, according to CoinCorner, paves the way for citizens to buy, sell, send, receive and store bitcoin. Also, the protocol wants to use local enterprise solutions to handle bitcoin.

CEO of CoinCorner, Danny Scott expressed his team’s delight at “entering into a mutually beneficial partnership with Seed Group.” Scott affirms CoinCorner’s commitment to making Bitcoin transactions the “new normal” in the UAE. This, according to him, will be actualized through the protocol’s unique solutions, which facilitate instant and frictionless payments.

UAE aims to revamp its virtual economy

Due to the growing use of cryptocurrencies, the UAE authorities are planning to revamp the virtual economy in the country. As of press time, the UAE’s crypto market ranks third among the largest in the Middle East. It should have a transaction volume of over 26 billion dollars. Now the country even seems to be going higher.

Recently, Virtuzone, a leading business formation provider in the UAE, partnered with Binance. As reported, the partnership manifested to improve crypto adoption in the country. Furthermore, the development makes Virtuzone the first company in the UAE to accept cryptocurrency payments through Binance Pay. According to Neil Petch, Chairman and Co-Founder of Virtuzone, the partnership illustrates the company’s commitment to pursuing innovative solutions in the UAE