Abu Dhabi State Fund Invests $243 Billion In Crypto World.

The chief executive officer of Abu Dhabi’s government company Mubadala Investment Capital, Khaldoon al-Mubarak, spoke favorably of crypto in an official conversation. He states that the firm is investing in the crypto sector, with blockchain technology and energy being the primary areas of focus.

Mubadala, which itself is linked to Crown Prince Mohamed bin Zayed, manages $243 billion in assets. Early this year, the group made its first foray into bitcoin by investing in MidChains, the UAE’s premier authorized cryptocurrency exchange.MidChains inaugurated trade with four cryptocurrencies in later September namely Bitcoin, Bitcoin Cash, Litecoin, and Ethereum.

UAE Cryptocurrency Laws

The chairman of Mubadala, who runs Manchester City football club, would not want to be connected with bitcoin detractors. He claims that the innovation is “genuine,” citing the industry’s quick expansion from $250 billion to $3 trillion in value in only a few years.

In terms of cryptocurrency legislation, al-Mubarak claims that these are still not in their complete shape.

Nevertheless, he feels that this legal framework may have to shift at a certain time. As a result, Bitcoin will be enabled to evolve into “something new” as an asset class. The UAE Central Bank has yet to oversee crypto assets, after earlier claiming that it does not recognize the unique financial class. For the time being, the Emirati dirham is the sole legal currency in the nation.

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