DUBAI: Pakistanis living in United Arab Emirates (UAE) have started using cryptocurrency as a means to send remittances to their families in their home country.
Muhammad Bilal, a 27-year-old Dubai resident, used to stand in long queues outside money transfer offices to send $1,000 to his wife and parents in Pakistan every month. He was charged $7 for every transfer.
Now, he has switched to a cryptocurrency app, making him one of the thousands using this facility in UAE. This service involves no transfer fee, which is an attractive option for many.
As quoted by Al Arabiya, Bilal, who works as a Customer Service Representative, said that he does not wait in queues anymore because he transfers money via an app while sitting at his home.
Read more: Islamic Coin: The first Sharia-compliant cryptocurrency
Statistics from Chainalysis, a blockchain data firm, reveal that the Middle East and North Africa (MENA) region remained the fastest-growing crypto market worldwide.
In light of this, UAE wants to transform Dubai into the first city “fully powered by blockchain.” It has introduced several laws and regulations that will make Dubai a hub for crypto in the near future.
