In the Arab world there are countries that are very interested in cryptocurrencies and others that have banned them under heavy fines.
The MundoCrypto event that was held on August 27 in Madrid continues to generate controversy. The organizers have announced that they will return the full amount of the tickets after Facua’s complaint. This represents 2.30 euros more than the 47 euros of the reservation for management fees. Therefore, an extra 16,000 euros is due from MundoCrypto.
To all this, the presence of two people in Arab attire in the VIP area of the Wizink Center in Madrid during the gala has gone viral on social networks.
These two guests were seated at table 25 and wore the traditional foot-length white robe and the Saudi headdress consisting of the headscarf (shemagh) and a piece to keep it called an iqal.
Doubts and Mockery
The faces of the people close to these two characters have raised doubts as to whether they would be two actors or, really, they were attendees of the event. Someone has even dared to say that one of them had participated in the First Dates program. The headphones they wear were used to listen to the simultaneous translation of the speakers.
These mysterious characters raise the need to know how Arab countries deal with the use of cryptocurrencies. In general, they have adopted positions contrary to the use of this type of currency, although there are exceptions.
Kuwait and Qatar
Kuwait and Qatar have banned crypto asset services on their territory. Qatari law prohibits “anything of value that acts as a substitute for currency that can be traded or transferred digitally, and can be used for payment or investment purposes.” This contrasts with the sponsorship of a major company in this business of the World Cup to be held in Qatar. The penalties for those who offer these services can be in the millions.
The United Arab Emirates and Bahrain compete to be the world’s great crypto hub. The largest cryptocurrency center. Binance, one of the largest exchange platforms, has set its advisory board in Dubai, and FTX, is also based in the capital.
The United Arab Emirates has gone a step further and the Day to Day Hypermarket chain of stores allows its customers to pay with cryptocurrencies both in its stores and online.
It is worth noting that Dubai, an emirate city of the United Arab Emirates well known for its lavish architecture and luxurious commerce, has been working all this year on crypto regulations, in order to attract traders and investors to the area.
In March this year, Sheikh Mohammed bin Rashid Al Maktoum, president of the emirate of Dubai, announced the implementation of a virtual asset law: “The future belongs to whoever designs it. Today, through the law of virtual assets, we seek to participate in the design of this new, fast-growing global sector. Our step is a leap into the future aimed at developing this sector and protecting all investors in it… And the future is more beautiful… complete… and better, God willing.”
If the two guests at the MundoCrypto party were not imposters, everything indicates that they could be representatives of some company from the United Arab Emirates or Bahrain interested in hearing, for example, how El Salvador has accepted Bitcoin as legal tender.
By Audy Castaneda
