Beautiful Virgin Islands

Monday, Jul 14, 2025

How Dubai is embracing Cryptocurrencies

How Dubai is embracing Cryptocurrencies

People around the world have heard of cryptocurrencies, but they are still poorly understood. Dubai plans to remedy that at the AIBC summit.
Cryptocurrencies and in particular Bitcoin have been making headlines worldwide, but there's still a lack of understanding about what they are. Dubai recently held the AIBC summit to bridge that knowledge gap.

Eman Pulis, Founder and CEO of sigma group & AIBC Summit, says although there are technical sessions at the event, they also want to reach those new to the industry:

"An issue of empowerment is key. If we want one day to see the crypto community, the blockchain, be embraced by the masses."

Put simply, cryptocurrencies are virtual, unlike a euro or dollar that we can hold physically. They aren't usually tied to a bank or government and allow users to spend money anonymously through a series of complex transactions using blockchain technology.

Worldwide some businesses take crypto as payments, but overall mainstream acceptance is still limited, something Dubai is keen to change. One of the first steps was the launch of the DMCC crypto centre.

Ahmad Hamza Executive Director of DMCC Freezone says the centre wants to provide an array of services for crypto and blockchain companies and platforms to help them not just set up, but also flourish and succeed.

“We do believe in blockchain, we do believe in crypto and we provide robust regulation working with the Securities and Commodities Authority.”

Events like the AIBC summit bring together key individuals and brands from AI to blockchain and the Internet of Things to discuss and shape the future of emerging tech. A key guest was the blockchain co-inventor, whose research Bitcoin was based on.

In 1991, long before bitcoin, Dr Scott Stornetta and Stuart Haber became the co-inventors of the early blockchain.

“We took all the data in the world broken up into blocks and by linking them together, it is a way of guaranteeing that no one can tamper with the record. That makes it all something everyone can trust”, Dr. Stornetta says.

Critics claim that cryptocurrencies are unstable and pose a risk for investors who aren't protected by regulators

Dr. Scott Stornetta admits that there is some skepticism like there was in the early days of the internet.

“There were many things that in fact were fake and scams. Yet over time, we developed a secure foundation that allows us to create much more value”, he adds.

The cryptocurrency market has also been susceptible to extreme volatility, with social media comments from public figures like Elon Musk raising questions about the market, which can potentially affect investors.

Brock Pierce, Chairman of Bitcoin Foundation & co-founder of Tether & Mastercoin, says he urges people to research and form their own opinion on cryptocurrencies.

“The best way is to figure out what this is all about so that you can make an informed decision for yourself. And then with that knowledge, you'll be able to make decisions as to whether or not if, you know, if you agree that this is, you know, going to be a big part of the future, clearly I have that view.”

While some banks, financial services companies and governments are embracing cryptocurrency, others are staying away. But for those investing, they see digital currencies and how they work as the future.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Air India Pilot’s Mental Health Records Under Scrutiny
Google Secures Windsurf AI Coding Team in $2.4 Billion Licence Deal
Jamie Dimon Warns Europe Is Losing Global Competitiveness and Flags Market Complacency
South African Police Minister Suspended Amid Organised Crime Allegations
Nvidia CEO Claims Chinese Military Reluctance to Use US AI Technology
Hong Kong Advances Digital Asset Strategy to Address Economic Challenges
Australia Rules Out Pre‑commitment of Troops, Reinforces Defence Posture Amid US‑China Tensions
Martha Wells Says Humanity Still Far from True Artificial Intelligence
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
U.S. Resumes Deportations to Third Countries After Supreme Court Ruling
Excavation Begins at Site of Mass Grave for Children at Former Irish Institution
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
EU Delays Retaliatory Tariffs Amid New U.S. Threats on Imports
Trump Defends Attorney General Pam Bondi Amid Epstein Memo Backlash
Renault Shares Drop as CEO Luca de Meo Announces Departure Amid Reports of Move to Kering
Senior Aides for King Charles and Prince Harry Hold Secret Peace Summit
Anti‑Semitism ‘Normalised’ in Middle‑Class Britain, Says Commission Co‑Chair
King Charles Meets David Beckham at Chelsea Flower Show
If the Department is Really About Justice: Ghislaine Maxwell Should Be Freed Now
NYC Candidate Zohran Mamdani’s ‘Antifada’ Remarks Spark National Debate on Political Language and Economic Policy
President Trump Visits Flood-Ravaged Texas, Praises Community Strength and First Responders
From Mystery to Meltdown, Crisis Within the Trump Administration: Epstein Files Ignite A Deepening Rift at the Highest Levels of Government Reveals Chaos, Leaks, and Growing MAGA Backlash
Trump Slams Putin Over War Death Toll, Teases Major Russia Announcement
Reparations argument crushed
Rainmaker CEO Says Cloud Seeding Paused Before Deadly Texas Floods
A 92-year-old woman, who felt she doesn't belong in a nursing home, escaped the death-camp by climbing a gate nearly 8 ft tall
French Journalist Acquitted in Controversial Case Involving Brigitte Macron
Elon Musk’s xAI Targets $200 Billion Valuation in New Fundraising Round
Kraft Heinz Considers Splitting Off Grocery Division Amid Strategic Review
Trump Proposes Supplying Arms to Ukraine Through NATO Allies
EU Proposes New Tax on Large Companies to Boost Budget
Trump Imposes 35% Tariffs on Canadian Imports Amid Trade Tensions
Junior Doctors in the UK Prepare for Five-Day Strike Over Pay Disputes
US Opens First Rare Earth Mine in Over 70 Years in Wyoming
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
Bitcoin Reaches New Milestone of $116,000
Biden’s Doctor Pleads the Fifth to Avoid Self-Incrimination on President’s Medical Fitness
Grok Chatbot Faces International Backlash for Antisemitic Content
Severe Heatwave Claims 2,300 Lives Across Europe
NVIDIA Achieves Historic Milestone as First Company Valued at $4 Trillion
Declining Beer Consumption Signals Cultural Shift in Germany
Linda Yaccarino Steps Down as CEO of X After Two Years
US Imposes New Tariffs on Brazilian Exports Amid Political Tensions
Azerbaijan and Armenia are on the brink of a historic peace deal.
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Weinstein Victim’s Lawyer Says MeToo Movement Still Strong
U.S. Enacts Sweeping Tax and Spending Legislation Amid Trade Policy Shifts
Football Mourns as Diogo Jota and Brother André Silva Laid to Rest in Portugal
×