Dubai - Mubasher: The UAE personal finance sector is being somehow affected by the growing global interest in bitcoin trading, according to a recent report by Holborn Assets.
Investors looking ahead at their investment options for the upcoming year are seeking more guidance on the cryptocurrency.
“But with no regulation in the sector, it is not possible for a UAE resident make bitcoin part of their investment portfolio in the same way they would when buying currency or shares through their personal finance advisor,” the report noted.
“The global headlines around cryptocurrency, and bitcoin in particular, have seen a surge in enquiries from our clients and members of the public in the UAE wanting to know how, and if they too should be investing,” said Riyad Adamou, the chief commercial officer at Holborn Assets.
The majority of bitcoin holders in the UAE are buying the cryptocurrency through an online portal, through which they are then able to control through via an App on their phone or laptop.
Yesterday, bitcoin extended its rally to a new all-time record high for the digital currency, hitting $20,000, only one month after surpassing the $9,000 level for the first time.
Although the rapid increased were mixed with some sudden declines, the digital currency has in general maintained its upwards trend, supported by massive increases in demand and speculations, despite several warnings of a dangerous asset bubble.
The governor of the UAE Central Bank, Mubarak Al Mansouri recently noted that his country and Saudi Arabia are working together to issue a new blockchain-based digital currency that would be accepted in cross-border transactions between the two countries.
