Dubai Archives

Dubai exchange BitOasis Raises Limits for Card Purchases of Bitcoin

Posted on May 10, 2017 | by [email protected]

BitOasis is the first digital currency wallet and exchange service in the Middle East that enables one to buy, sell and secure bitcoin. BitOasis exchange recently announced for UAE users that they have increased weekly bitcoin buy limits using credit/debit cards up to 500 AED (around 1300 USD).

Back in February 21st, BitOasis first introduced instant card transactions with an initial limit of 2000 AED.The founder , Ola Doudin and the developer Daniel Robenek who came up with the idea of creating BitOasis that allows Middle East countries like Saudi Arabia to carry out bitcoin transactions using cards like other financial institutions such as bank.

Other Dubai Based Exchange platforms

The other Dubai exchange platforms include Sharaf Exchange, NASDAQ Dubai Fixed Income Trading platform, Dubai Mercantile Exchange, Dubai Diamond Exchange and others that keenly help in transactions of bitcoins. Dubai a city regarded by many as an upcoming technology Hub of the world has numerous investments in cryptocurrencies and Bitcoin. Dubai has a dwindling oil wealth which is expected to be economically non-viable in the few coming decades. This has pushed the sheiks who rule the city to think of an economic activity that would put their country on the global map with regards to tourism and entertainment. This has led to massive investments in the FinTech sector of the economy. Many exchanges popped up in Dubai in recent years and hundreds of transactions are being processed daily. This is still estimated to hike as the economy is still expanding signaling that Dubai still has a wider market for Bitcoin exchange services.

Why could have BitOasis raised its limits

BitOasis raised its limits to allow users to go for a higher weekly buy, sell and withdrawal limits. BitOasis hopes to attract more trading on their platform and it is an online exchange based in the Middle East(UAE) to allow the Islamic countries like Saudi Arabia to carry out bitcoin transactions rather than going to banks to carry out the financial transactions. This, however, will affect users dealing with small volumes of Bitcoin. Majorly Bitcoin exchanges and Hi-tech firms dealing in bitcoin are the ones dealing in massive volumes of the cryptocurrency. People dealing with smaller volume of Bitcoin like freelance online workers would find it expensive. However, this would open ways for smaller exchanges to cash in from the people who transact in smaller volumes. Furthermore, this hike could have been due to peripheral taxes levied on every transaction passing via other partners like banks or mobile money services. Many users still have not bitterly complained about the raise indicating the less effect the rise has on the users of the exchange.

Effects of this Hike

Most of the effects, however, is expected to be in the positive sense but not what every would perceive. It’s seen that money laundering will be bitterly checked by this new improvement since users would legitimately order for lager buy and sell trade so as to cover the high cost. But still as seen before microtransactions will be hampered a lot and users who transact with small volume of bitcoin will find it difficult to carry out exchange into fiat currencies. Transactions between Bitcoins and other fiat currencies via banks will become much easier allowing remittance of funds from abroad to the economy or from Dubai to families of foreign workers.

Dubai Government to work on citywide Blockchain payments system

Posted on April 19, 2017 | by [email protected]

When it comes to infrastructural development for citizens or technological innovations for smooth governance, Dubai has always managed to strike the perfect balance. One such live example is the advent of the use of blockchain Technology even before any other world government has realized its full potential. With the crowned prince of Dubai focusing heavily on Fintech, one of the leading oil producers is now all set to revolutionize the payments territory. The government has partnered with a blockchain firm to launch citywide payments based on blockchain technology. Let’s dive into the details of how Dubai has come this far and what is the future of blockchain looking like in the country:

Dubai puts government documents on blockchain:

The Crown Prince of Dubai recently announced strategic plan that would see all government documents secured on blockchain by 2020. The prince revealed that the goal of this initiative is to open the platform to other cities around the world. The main objective of this move is to speed up government transactions and be able to provide transparency to public. The transparency will also set in for governments of other countries who are coordinating in this process. All in all the overall result would be the increase in the efficiency of government operations.

The Blockchain Payments system:

The Smart Dubai Office, a government-backed initiative has partnered with a FinTech specialist firm to implement a citywide payments platform built on blockchain technology. The firm Avanza Solutions, signed a MoU in the presence of Hamdan bin Mohammed, the hereditary Prince to the crown of Dubai. The citywide project planned by the Smart Dubai Office will see a rollout of the blockchain payments platform to all existing 38 partner government entities, financial institutions and other departments in the city of Dubai. Avanza’s proprietary blockchain ‘cipher’ has been chosen for carrying out the initiative.

“Smart Dubai Office plans to roll out Cipher across all its existing 38 partner government entities, partner financial institutions and Departments to set up the first blockchain based building block within its financial plumbing.”

Influence of Bitcoin and Blockchain on the Middle East:

Very recently the Bitcoin p2p transaction volumes in Saudi Arabia reached an all-time high, with an increase of over 280%. Dubai’s fintech initiatives have been promising with the crowned prince actively looking into the fintech developments of the state, the ledger based technology has clearly gained traction. With government documents already made available through blockchain, it’s only a matter of time before blockchain finds its place in governance.

Can Blockchain bring complete transparency to Governance?

Posted on November 14, 2016 | by [email protected]

When it comes to the multiple applications of the Ledger based technology, it will never cease to amaze how quickly the world is willing to adapt to it. Apart from the conventional technological applications blockchain might offer, transformation of unconventional databases is another major application. Owing to its speed of access, decentralization and complete transparency, blockchain is being preferred in storing Government documents. The main intention of such tectonic shift is to provide complete transparency to the people when it comes to Government. Let’s look into how Government has adopted Blockchain for governance across the world:

Russian Government’s surprise move:

Surprisingly for a country that has been an active non supporter of cryptocurrencies, this is a pleasant surprise. An anti-trust agency within the Russian government is testing a blockchain-based document management system. Named as “Digital Ecosystem” the project involves creating a completely digitalized document ecosystem. The project aims at developing tools that can increase the speed, reliability and quality of interaction during document exchange. This project is one of the most notable ones to emerge from the country given the debate about cryptocurrencies. This makes Russia one of the first countries in the world where the state and market participants are looking at these innovations as a way to simplify business operations.

Vermont pioneered to be the ‘Smart State’:

Vermont has taken some legislative steps in 2015 to enable the state using Bitcoin’s technology for state records. It also planned to launch smart contracts and other applications in a drive to become a leader in the field. The major plan was to create a blockchain based public records system to ensure complete transparency. The other benefits include identifying of erroneous records and wrong data capture. The order, signed by the governor, called for a report that elaborately discusses the risks and benefits of blockchain technology. Owing to cost of implementation of blockchain for public records management system, Vermont dropped the plan in 2016. However, Vermont is still driving to be technologically ahead and is looking into ‘Smart Contracts’ for governance.

Dubai jumps into action:

He said:

“The emirate is building on that achievement by constantly working to foresee the future and keep up with the fourth industrial revolution and all the prospects of increased efficiency that come along with it.”

Further, officials believe that this strategy will be built on ‘three pillars’, including government efficiency, industry creation and international leadership. The expected result of this project is increased government efficiency by speeding up the transactions. Once the documents are on blockchain, the innovators believe that the project will create business opportunities for the private sector.

Bitcoin Price Analysis: Yuan Devaluation on the cards, Bitcoin to go up further?

Posted on October 11, 2016 | by [email protected]

First week of October has seen a positive start for the cryptocurrency, with constant trading over $600 level. The bullish push came at the start of the second week, where market broke $620 and continued to trade higher. Market finally managed to surmount the long term resistance of 100 SMA at 618-620 level cruising to higher prices. While the setup looks bullish, let’s look into the price analysis for the coming week:

Fundamental Key Points:

The adoption of the cryptocurrency and its underlying technology has always been fundamentally positive for the Bitcoin ecosystem. Here are few highlights of the past week fundamentals that might continue to have effect on the prices:

China’s Renminibi added to IMF’s SDR as fifth reserve currency
FBI investigating into $1.3 Million Bitcoin theft of Bitfinex
Russian central bank trys first Distributed Ledger Transactions
UN testing Bitcoin and Blockchain for Remittances
Dubai to move all Government Documents on Blockchain by 2020

Adding to the above, from a macro perspective, addition of Renminibi to SDR might now see further devaluation of Yuan. As the Chinese have been holding off further devaluation till the review period of IMF, there is a good chance of further downward move. In any case, it would also depend on the timing of the news release and the trading prices at that point.

Technical Analysis:

Long Term Trades:

The Long Term chart has been in an uptrend from the start of this year, with no sign of any set up change currently. The market managed to breach the 100 SMA at $618 and close above it for three consecutive days. Now this 100 SMA can act as long term support and long term positions can be taken with adequate risks. The previous swing high at $770.89 can be a target.

On the daily chart, the Bollinger bands are still not trendy. The change from sideways to trending might be a slow one driven by good fundamental factor. Hence it is important to keep an eye on reserve currencies during this period. Long term trades from the bearish side look risky unless there is fundamental bearish news driving the markets.

Short Term Trades:

On a daily chart, the Bollinger bands are beginning to open out and indicating slow change into purely bullish trend. The market has been trending in the channel as indicated by the trend lines. 100 SMA has now joined the zone of heavy support around $600, with the middle bolligner, 9, 13 and 34 SMAs. Any short term bearish trades would be risky and futile in this period.

To get apt entry positions, let’s look into lower time frame:

On shorter time frame (4 Hrs), the setup is trending in the channel of the trend lines shown. 34 SMA has been the line of constant support and has provided good entry positions for short term trades. When the 100 SMA slowly turned from being the line of resistance to line of support was an indication to get in for the break out trade. During this change, it also crossed 34 SMA signaling even strong change which was the best indication.

While taking long term positions, keeping an eye on Yuan would be very helpful.