Dubais gamble on bitcoin property sales
Summary
Computer Weekly takes a look at how some of the worlds biggest financiial brands have moved to the cloud, and share a cautionary tale or two about the mistakes some have made while trying to get there.According to Schwalje, this promotion is an interesting real-world case where a cryptocurrency is being used to buy a physical asset, which is a first step in building trust in digital currencies as a payment mechanism.Other experts are more circumspect, citing bitcoin’s speed and lack of transfer fees as a potential boon for the property market.However, he added that there is “no reason” why Dubai couldn’t create its own version of bitcoin, which would make the currency more stable and allow for active volatility management, by limiting buyers and long-term holds.Schwalje added: “Dubai is also facing increasing pressure from Saudi Arabia and neighbouring Abu Dhabi as potential rival financial centres for cryptocurrency trading, which may have forced its hand a bit.”