Dubai’s government wants to usher in a new age as the cryptocurrency business and the metaverse continue to grow at a rate that has never been seen before.
Dubai Crown Prince Sheikh Hamdan bin Mohammed told Bloomberg’s Leen Al-Rashdan on July 19 that he wants to support up to 40,000 virtual jobs in the metaverse sector and an extra $4 billion in GDP in the city of Dubai, which is the capital of the Emirate of Dubai.
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According to the state-run WAM news agency, Dubai wants to use this strategy to become one of the top ten metaverse economies in the world and to set a standard for the development of platforms that are easy to use and have strong security.
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It’s all about promoting innovation and bolstering the city’s current metaverse and blockchain stack, which now includes more than 1,000 enterprises and contributes $500 million to the city’s wealth, according to Sheikh Hamdan, who announced the decision on his Twitter account on July 18.
We launched the Dubai Metaverse Strategy today, which aims to foster innovation in new technology. Dubai is home to over 1,000 companies operating in the metaverse and blockchain sector, which contributes $500 million to our national economy. pic.twitter.com/J1XRmd2ub3
— Hamdan bin Mohammed (@HamdanMohammed) July 18, 2022
Cryptocurrency dreams for Dubai
Finbold announced in mid-March that Binance, the world’s biggest cryptocurrency exchange, had been granted a virtual asset licence by Dubai in early March.
And to top it all off, Dubai’s premier luxury real estate developer, DAMAC Properties, stated at the end of April that it will help the digital economy by permitting crypto to fiat conversions and by selling real estate to cryptocurrency millionaires (ETH).
In June, the charity Al Jalila Foundation, established by UAE Prime Minister Mohamed Bin Rashid Al Maktoum, became the first of its type to accept cryptocurrency donations.
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