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Dubai Bitcoin Exchange

Dubai exchange BitOasis Raises Limits for Card Purchases of Bitcoin

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

Dubai exchange BitOasis Raises Limits for Card Purchases of Bitcoin

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

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

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.