The adoption of crypto assets in the UAE is still going strong in spite of the ongoing swings in the cryptocurrency market. In a recent development, one of Dubai's most opulent hotels has started accepting payments in the Shiba Inu cryptocurrency. This five-star facility's name is W Dubai - The Palm, and it has 347 guest rooms with rates ranging from $147 (roughly Rs. 12,000) to $655.
According to Gadgets 360's cryptocurrency price tracker, Shiba Inu (SHIB), a meme-coin launched in 2020, is currently valued at $0.0000088 (roughly Rs. 0.000711).
The Mariott International-owned hotel is currently accepting reservations through SHIB, and information about it is starting to circulate on Twitter.
Dubai has been advancing in its efforts to become a centre for the cryptocurrency industry.
Dubai's cryptocurrency industry is overseen by a set of legal and regulatory guidelines. In March of this year, UAE Prime Minister Sheikh Mohammed bin Rashid Al Maktoum established an independent body to oversee the governance of the cryptocurrency space in addition to signing a new law for virtual assets.
The Palazzo Versace Dubai hotel started taking cryptocurrencies including Bitcoin, Ether, and Binance Coin back in September for lodging, dining, and spa services. The Palazzo Versace Dubai and Binance have teamed to give visitors the option of making payments with cryptocurrencies.
In Dubai, businesses other than hotels are also experimenting with accepting cryptocurrency payments. Damac Properties, a real estate developer based in Dubai, declared back in April that it would accept payments made in cryptocurrency.
According to Ali Sajwani, general manager of operations at Damac and leader of the company's digital transformation initiatives, "This move toward customers holding cryptocurrency is one of our initiatives to accelerate the new economy for newer generations, as well as for the future of our industry," a statement had been made at the time.
The first school in the Middle East to accept Bitcoin and Ether as tuition payments was a local school in Dubai that made the announcement around the same time.
The Dubai World Trade Centre (DWTC) will become a crypto zone for virtual assets, including digital assets, products, operators, and exchanges, the Dubai Media Office announced in December of last year.
Along with enforcing strict standards for investor protection, anti-money laundering laws, stopping the financing of terrorism, ensuring compliance, and enabling cross-border deal flow tracing in Dubai, the pertinent authorities are also working on these issues.
