​World’s first bitcoin tower to be built in Dubai

What’s new? On May 24, the emirate of Dubai will unveil the design for the world’s first bitcoin tower, which will also include the opening of a new format hotel. Its guests will be offered non-fungible tokens (NFTs), which will provide exclusive services, as well as payment by staking crypto. According to the project’s developer Salvatore Leggiero, this will be the first hotel that will give guests back the money they paid, plus interest. He added that the project will be “a monument to Bitcoin and will represent the values that Satoshi Nakamoto has given us.”

News on the MENAFN news agency’s website

What else is known? A 40-story tower building will also house a data processing center to facilitate blockchain and cryptocurrency transactions. The location is planned to become a center for research and development in the field of blockchain, as well as a hub for various conferences and meetings.

“Every great project originates from an idea, develops in the mind, and takes shape on paper, just like Leonardo da Vinci did when he imagined the machines of the future. So, I asked the renowned architect Simone Micheli how the BITCOIN TOWER could be depicted in the virtual universe,” Leggiero said.

According to Micheli, he plans to use logic and a concept completely different from traditional constructions when designing the project. It will involve creating a virtual environment that will allow for “experiences never imagined before.”

Cryptocurrencies in the UAE. The Emirates is considered one of the most favorable jurisdictions for the development of crypto and blockchain projects. In 2022 alone, Dubai Multi Commodities Center (DMCC) attracted 3049 crypto startups, and the total number of registered crypto companies exceeded 22 000.

A new free economic zone is also being prepared to open in the emirate of Ras Al Khaimah. RAK Digital Assets Oasis (RAK DAO) will be designed for providers of digital and virtual asset services in the field of emerging technologies such as metaverses, blockchain, utility tokens, crypto wallets, NFTs, decentralized autonomous organizations (DAOs), decentralized applications (DApps) and other Web 3.0-related businesses.

As recently as last year, the UAE central bank worked jointly with the Bank for International Settlements (BIS), as well as authorities in the PRC and Thailand, to test public cryptocurrencies, and the Ministry of Economy opened a headquarters in the metaverse.

Binance crypto exchange CEO Changpeng Zhao singled out the UAE as one of the most comfortable countries for crypto business development.