Dubai: Pakistanis living in the UAE have started using cryptocurrency as a way to send remittances to their families back home.
Mohammed Bilal, a 27-year-old resident of Dubai, used to stand in long lines outside money transfer offices to send $1,000 to his wife and parents in Pakistan every month. $7 was charged for each transfer.
Now, it has turned into a cryptocurrency app, making it one of the thousands using the service in the UAE. This service does not include any transfer fees, and is an attractive option for many.
According to Al Arabiya, Bilal, who works as a customer service representative, said he no longer waits in lines because he transfers money through an app while sitting at home.
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Statistics from Chainalysis, a blockchain data company, revealed that the Middle East and North Africa (MENA) region has remained the fastest growing crypto market worldwide.
In light of this, the UAE wants to turn Dubai into the first city “fully powered by blockchain.” It has introduced several laws and regulations that will make Dubai a hub for cryptocurrency in the near future.