December 2, 2022

UAE 51st National Day: Making the Impossible, Possible and Reaching Greater Heights in the Crypto Space

UAE as Global Crypto Hub

The United Arab Emirates has explicitly expressed its goal to position itself as the Global Crypto Hub. As the country celebrates its UAE 51st National Day in December, we can look back and see how the country flourished and transformed itself into a Sheikhdom — a land of endless possibilities; the land where ideas come to life.

And virtual assets will now become a part of the country’s story—a part of its successful history.

Notably, according to the latest statistics for Digital Economy, the current digital economy contributes to around 4.3% of the GDP in the UAE. In figures, this is equivalent to Dhs100 billion ($27 billion). This proves that the UAE, together with Saudi Arabia, can anticipate registering one of the highest growth rates in the upcoming years.

In relation, among UAE’s many plans in maximizing cryptocurrency activities in the future, is turning to the metaverse. The reason is, to improve overall competitiveness, industrial productivity, and efficiency in the digitised world. Leaders in the UAE expect the metaverse to open new avenues to diversify the UAE’s economy from hydrocarbons.

The UAE in the Metaverse

Recently, Dubai introduced the Dubai Metaverse Strategy. This strategy aims to boost and increase contributions in the metaverse sector to the emirate’s economy to around $4 Billion by the year 2030.

To achieve this, the UAE has delegated a committee to focus on key pillars and objectives of the said strategy, and a task force equipped with the right technology to materialize its goals. Dubai is exerting efforts to become a key layer in the digital world.

Into the Future with Blockchain Commodities

Aligning with Dubai’s concrete plans in immersing with Web3, Blockchain Commodities has a full set of products that can help businesses and users to kickstart their blockchain journey.

As blockchain developers, we plan to implement a one-stop solution for fintech payment services (fiat, cryptocurrency digital assets) through Metaverse Payment.