The United Arab Emirates (UAE) keeps doing everything possible to become a safe place for Bitcoin. The biggest discount store in the country recently announced that Bitcoin would be accepted as a way to pay in-store and online. The Khaleej Times called the move “the next step toward the future of cryptocurrencies.”
Even when the market was bad, the United Arab Emirates (UAE) welcomed businesses like Bybit, Binance, and FTX. It continues to promote itself as a place where new technologies are made. People thought that Zhu Su and Kyle Davies, the controversial owners of Three Arrows Capital, would run away to the UAE because it is so easy to break the law there. This is because following the rules in the UAE is so easy. You can invest in cryptos through this website.
Even though the industry has changed recently, Bitcoin is still getting more market share in the US. It is thought that 60% of businesses in the United States accept Bitcoin as a way to pay. A poll by Deloitte found that 75% of shops in the United States want to start accepting Bitcoin soon.
Even though the price of Bitcoin goes up and down a lot, more and more stores are starting to take it as payment. Even though the Lightning Network is not being used now, it is still used to build the foundation for regular Bitcoin payments.
The biggest discount store in the UAE said it would accept Bitcoin in-store and online. Even though Bitcoin’s value has dropped by more than 50% in the past three months, stores still say they support the cryptocurrency.
Bitcoin is getting closer to being a way to buy and sell things
As more businesses start to accept bitcoin, the idea that it could one day be used as a means of exchange instead of just a “store of value” is becoming more common. Bitcoin’s infrastructure grew the most in the past when the market was down. Because the best time to do it is right now. But now that Bitcoin is in both a bear market and its first recession, the results of past cycles aren’t a good way to predict what will happen in the future.
UAE puts a lot of money into digital currencies like Bitcoin
The collapse of Terra, which caused the cryptocurrency market to lose more than $17 billion, has made regulators worldwide pay more attention to cryptocurrency institutions. This is especially true in places where cryptocurrency is popular, like Singapore and South Korea, and where the government and cryptocurrency institutions always compete.
Dubai wants cryptocurrency businesses to move there because other countries are cracking down on cryptocurrency operations. Since the beginning of the year, companies like Bybit, FTX, and Binance have opened offices in the country.
The government recently gave a license for virtual assets, making this possible. This was done so that one-day international organizations can store their crypto safely in the country.
Around the world, about 80 million people have cryptocurrency wallets. And more than 60% of stores in the US now accept bitcoin as a form of payment. Blockchain is a type of digital currency.
Day To Day Hypermarket is the first store in the UAE to accept cryptocurrency as payment for groceries. Most people in the country didn’t do this until not long ago.
This payment method can be used in-store and on the Day To Day Hypermarket website (day today.ae). Also, most cryptocurrencies will be accepted as legal forms of payment.
You will need to use your cell phone for the payment to work. A point-of-sale (POS) machine, which can be found in stores, is needed to make payments. If you go day-to-day. Ae and click on “cryptocurrency payments,” the payment will be made. When you shop online, this is a way to pay for something. In either case, payment processing can be done immediately and without trouble. Learn More about: Dogecoin
