Saudi Press

Saudi Arabia and the world
Friday, Aug 08, 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

Saudi Press
0:00
0:00
Close
British Labour Government Utilizes Counter-Terrorism Tools for Social Media Monitoring Against Legitimate Critics
WhatsApp Deletes 6.8 Million Scam Accounts Amid Rising Global Fraud
Nine people have been hospitalized and dozens of salmonella cases have been reported after an outbreak of infections linked to certain brands of pistachios and pistachio-containing products, according to the Public Health Agency of Canada
Texas Residents Face Water Restrictions While AI Data Centers Consume Millions of Gallons
Tariffs, AI, and the Shifting U.S. Macro Landscape: Navigating a New Economic Regime
India Rejects U.S. Tariff Threat, Defends Russian Oil Purchases
United States Establishes Strategic Bitcoin Reserve and Digital Asset Stockpile
Thousands of Private ChatGPT Conversations Accidentally Indexed by Google
China Tightens Mineral Controls, Curtailing Critical Inputs for Western Defence Contractors
OpenAI’s Bold Bet: Teaching AI to Think, Not Just Chat
BP’s Largest Oil and Gas Find in 25 Years Uncovered Offshore Brazil
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
WhatsApp Users Targeted in New Scam Involving Account Takeovers
Trump Deploys Nuclear Submarines After Threats from Former Russian President Medvedev
Germany’s Economic Breakdown and the Return of Militarization: From Industrial Collapse to a New Offensive Strategy
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Russia Formally Recognizes Taliban Government in Afghanistan
Mediators Edge Closer to Israel-Hamas Ceasefire Agreement
Emirates Airline Expands Market Share with New $20 Million Campaign
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
Iran's Parliament Votes to Suspend Cooperation with Nuclear Watchdog
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
Explosions Rock Doha as Iranian Missiles Target Qatar
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Oman Set to Introduce Personal Income Tax, First in Gulf
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
×