The United Arab Emirates Remains a Burgeoning Blockchain Capital in 2023

The United Arab Emirates Remains a Burgeoning Blockchain Capital in 2023Credit: NetNewsLedger

NetNewsLedger

4 months ago

Beyond nosediving prices and spiralling confidence, a stream of bad actors and fraudulent practices did little to bolster the industry’s tenuous reputation—just 8% of Americans now hold a positive view of crypto.

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The United Arab Emirates is leading the charge in the blockchain revolution, with the Dubai-based government becoming the first to adopt a blockchain strategy back in 2016. Now, in 2023, the country is showing no signs of slowing down, as the government continues to promote and invest in the technology. According to a report by The National, the UAE has invested heavily in blockchain startups, with the Dubai Blockchain Center leading the way, and is set to launch the world's first blockchain-based government services in 2021. Additionally, the government has been working with other countries to develop blockchain-based initiatives, such as the Dubai International Financial Center’s Blockchain Platform, which has attracted investments from around the world. With the UAE's commitment to taking the lead in blockchain technology, it looks set to remain a major force in the blockchain industry for years to come.

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