The adoption of cryptocurrency is gathering momentum across the globe; however, there are some countries which have emerged as an ideal destination for crypto investors. These nations have adopted crypto-friendly regulations and encouraging businesses to adopt digital currency for their everyday use and transaction purposes. According to a report on the Asia Times, the Middle-East has become a powerhouse for encouraging the adoption of cryptocurrencies with Dubai finding a pride of place among the countries identified for promoting digital coins around the world. The latest data reveal that at transactions worth more than $210 million in cryptocurrency, the United Arab Emirates (UAE) has become the nation ahead of the countries like the UK and USA which are traditionally considered strong from the viewpoint of cryptocurrency usage. The humongous amount of transactions happening in cryptocurrencies catapulted the UAE into the list of top nations transacting in digital currencies for the year 2019.
Dubai as a Crypto Hub
Dubai has made surprising progress in the list given the fact that in 2018 last year, it was not figured among the top 10 countries by the cryptocurrency usage. The enthusiasm for the cryptocurrency and blockchain technology in this Arab Nation was at a full display during the “2019 Lendit Fintech USA” event where a detailed and comprehensive framework for the financial technology firms to enter into new emerging markets was presented by the Dubai International Financial Centre (DIFC). In fact, DIFC emerges as a key participant in the event which has suggested such an impressive roadmap for cryptocurrency adoption to the whole world. Being the financial capital hub of Middle East, South Asia, and Africa, DIFC has a unique location advantage to its kitty and the center is fully aware of this important responsibility to support financial technology firms in their strategy of growth and expansion. This is the very reason it has collaborated with Lendit for the event and now looking forward to having many more such collaborations in the future. Just so you know, DIFC also worked on a project to bring a whitepaper on the state of cryptocurrency adoption in the country and what are the available opportunities for various financial technology firms in the UAE and adjoining countries. The white paper was presented in the conference where it received much applause from all the participating stakeholders for its comprehensiveness and detailed instructional integrity. The report revealed detailed information about what the financial technology organizations have to do in order to increase the usage of cryptocurrency and what could be the possible challenges they will encounter during the adoption process.
US Position in List
While the countries like the UAE have climbed up the ladder, others like the USA have ceded the space. In the current list for 2019, the USA is ranked at a seventh position which is a climb down of six places as it achieved a numero-uno position in the list in 2018. The decline in the fortunes of the USA can be attributed to the fact that federal authorities have adopted a hard-line approach towards the cryptocurrencies and initial coin offerings (ICOs) which has negatively affected the business prospects related to digital coins. Although authorities claim that they are going for strict regulations in order to safeguard the interest of investors, results so far convey that the measures taken by Washington are acting as a deterrent to adoption of cryptocurrencies by the fin-tech organizations.