A new cryptocurrency will soon go live in Dubai, and it will be the first in the country to be officially registered. As reported by a local media outlet, various cryptocurrency giants have teamed up to form the Crypto Bulls Exchange (CBX), which is expected to be one of the most significant game changers in Dubai’s financial world. The exchange will be providing fiat trading pairs of the Dubai local currency, the Arab Emirate Dirham (AED). However, more details of the specific pairs were not given at the time of press.

New Cryptocurrency To Open Investment Doors

While commenting on the milestone, Suhail Al Zaron, the chairman of Al Zaroon foundation said that “it will be the initial step that will create a global investment opportunity to all people, and especially the Dubai residents.”  He also urged potential investors and techs to continue investing in the blockchain industry.

This venture has been made possible by a number of participants including the crypto bulls, Gulf Coin Gold among others. The memorandum of association was signed by Suhail AL Zarooni and the two co-founders of the crypto bulls’ exchange, Madhu and Sasha Gupta.

CBX has offered its trading services to more than 200,000 users worldwide ever since it was founded in Aril. The platform has Android, Web and iOS versions.

Dubai has now joined the likes of Singapore, South Korea and Malta with ambitions of becoming the top destination for cryptocurrency and blockchain technology worldwide. It has started the UAE blockchain technology strategy which primarily aims at converting all the government transactions to be blockchain enabled.

To make this vision come true, the digital assets cannot be left out of the equation, and that’s why the country recently issued regulations on cryptocurrencies. As the United Emirates continue to embrace cryptocurrency by opening more investment doors, big fintech companies will also start investing in the country.

Just recently, Ripple announced that it would open a new office in Dubai before the end of 2018.while speaking at the Global Islamic Summit, Ripple’s head of global infrastructure Dilip Rao said the company was already working with multiple financial institutions in Dubai, and that more plans of working with other firms were still underway.

Additionally, it was reported in April this year that the prime minister and the vice president of UAE Sheikh Mohammed bin Rashid had initiated the UAE blockchain strategy 2021 with the aim of turning the United Emirates into a leading technological hub by that year. According to the initiative, 50% or more of all government operations are to be completed using blockchain technology, a move which would increase efficiency, and also allow the government to save approximately 77 million work hours per year. It would also reduce the paperwork and save 398 million printed papers.

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