(MENAFN- Khaleej Times)
Imagine a world where you can buy your morning coffee, pay for petrol, or settle a restaurant bill - all using cryptocurrency. This vision is fast becoming a reality in the UAE, as experts predict a surge in the adoption of digital currencies across businesses.
Mohammed Al Hakim, president of Crypto, believes that within the next two years, many business owners, restaurant operators, and high-net-worth individuals will prefer Cryptocurrency as a mode of payment.
“With the way the crypto market is evolving, more businesses and individuals are expressing interest in transacting with digital currencies,” Al Hakim told Khaleej Times at the Sharjah Entrepreneurship Festival on Saturday.
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Mohammed Al Hakim. Photo: Supplied
“When a customer wants to pay in crypto and a coffee shop is open to accepting it, it's a win-win situation. This will drive the seamless integration of crypto payments,” Al Hakim added.
UAE's rapid adoption of crypto
The UAE has positioned itself as one of the world's fastest adopters of cryptocurrency, thanks to its progressive regulatory framework and focus on digital transformation.
“The number of crypto traders and users in the UAE is growing daily, and I foresee the user base doubling in the next five years,” said Al Hakim.
He highlighted the government's long-standing commitment to digitalisation, predicting that“cashless initiatives will soon dominate the market, with crypto playing a crucial role in this shift.”
However, Al Hakim advised potential investors to exercise caution.“If you're planning to invest in crypto, do so wisely - don't put in everything you have. The UAE is one of the safest places to hold digital assets due to its strong regulatory measures,” he said.
Photo: Supplied
Ensuring security in crypto transactions
Security remains a key concern in the digital asset space, but Al Hakim reassured that crypto platforms in the UAE are among the most secure in the world.
“Security is a top priority, and platforms in the UAE are well-protected. Over the past two years alone, crypto adoption has surged by 360 percent,” he said.
With the UAE already establishing itself as a major global hub for cryptocurrency trading and digital payments, experts predict that paying for everyday essentials with crypto will soon become commonplace.
“With businesses and consumers increasingly embracing digital currencies, a fully cashless economy is no longer a distant future,” said Al Hakim.
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