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Thursday, August 31, 2017

Dubai Goes Blockchain to Become Fintech Hub for The East

Dubai Goes Blockchain to Become Fintech Hub for The East


Having discovered and bought Bitcoin in the early 2010s, I initially had a hard time convincing my peers in the Middle East about the benefits of the underlying technology. Even harder was finding a way to buy Bitcoin if you lived in a region where people at the time were predominantly underbanked and dealt almost strictly with cash transactions.

Any discussion with those who worked in the financial industry ended up with hyperbolic accusations of Bitcoin being a currency for sex-trafficking on the deep web, and Blockchain being nothing more than a vaporware hype.

Today, I ironically see that the Middle Eastern Blockchain ecosystem is a completely different story. The same people working in the financial sector that joked about Blockchain being a fad are now propping it as the future of finance.

For example, Dubai’s endeavor to become the world’s first Blockchain city has picked up serious momentum halfway through 2017, and as with everything else “Dubai,” the UAE city-state is doing it in the flashiest way possible.


Full story at http://bit.ly/2gm6irR


Source: CoinTelegraph


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