The Prime Minister of the United Arab Emirate (UAE), and also the Ruler of Dubai, Sheikh Mohammed bin Rashid has revealed the UAE Blockchain Strategy 2021 which lays out a plan for the UAE to become a world leader in adopting blockchain technology by the year 2021. Specifically, the country aims to make it so that “50% of government transactions on the federal level will be conducted using blockchain technology by 2021.”
Using blockchain technology allows governments to become more transparent. The tamperproof properties of blockchains versus databases are especially ideal for this use case.
How does using blockchain strategy and technology save money?
Mohammed bin Rashid plans to specifically target the AED11 billion (roughly 3 billion USD) that is spent every year on documenting transactions and related documents. All in all, UAE estimates that it will save 77 million hours of work, reduce 389 million documents, and save 1.6 billion kilometers driven.
The blockchain strategy will be rolled out with focus on four areas as identified by the government:
- citizen and resident happiness
- government efficiency
- advanced legislation
- global entrepreneurship.
Since this report was released by the Dubai Media Office earlier this week, cryptocurrency prices across the board have risen some. The UAE has long expressed interest in using blockchain technology. There have been projects experimenting with land deed registration, removing paperwork, and more. His Highness Sheikh Mohammed bin Rashid told his people:
“This technology will save time, effort and resources and enable individuals to conduct most of their transactions in a timely manner that suits their lifestyle and work.”
What do you think about Dubai’s Blockchain Strategy? Let us know in the comments below.
The Crypto Valley – a name granted to Zug, Switzerland – really lives up to its name. As a testament to how crypto-friendly they are in Crypto Valley, you can actually pay for your company registration using cryptocurrency there.
Bitfineon, a Switzerland based exchange, discovered this while registering for their company earlier this year. In fact, this has been available in the canton of Zug since early 2017.
The registration document reads (in English):
“Want to pay in Bitcoin or Ether? No problem, just send us an Email.”
If you wanted to pay using a different cryptocurrency than ether or bitcoin… Technically, you could use Shapeshift to pay using any cryptocurrency that they support.
Switzerland has been known as Crypto Valley for years
The Crypto Valley has been going strong for years. Notably, Ethereum chose the country as the base for what was not the first, but was definitely the the most well known ICO that kicked off the current craze in 2014. Now, in 2018, many more new cryptocurrency companies (such as Bitfineon) have started setting up shop there. In fact, even large and established cryptocurrency companies such as Bitfinex – the fifth largest bitcoin exchange by scale – have expressed interest in moving to the “crypto valley.” In this valley, it seems that Bitcoin and Ethereum reign supreme, which is no surprise given both market capitalization and the cryptocurrency landscape years ago.
Zug, Switzerland isn’t the only region to claim to be cryptocurrency or cryptography friendly. On another end of the multifaceted spectrum there are regions like Liberland. Estonia has a digital e-residency program that features a recently cracked ID card program. There are even Crypto Islands and Crypto castles and more than one ambiguous use of the word crypto. On another end of the multifaceted spectrum there are regions like Liberland.
What are your thoughts on paying government taxes or fees using cryptocurrency?