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UAE: Some residents prefer crypto savings over cash deposits
Cryptocurrencies are increasingly becoming a part of the UAE residents’ savings as investors and consumers are holding them on a long-term basis. Some of the cryptocurrency holders in the UAE have seen the value of their assets grow exponentially. Cryptos gained currency and rallied earlier this month when the US Securities and Exchange Commission approved the first-ever Bitcoin ETFs to trade in the US. Cryptos are highly volatile but it is slowly and steadily getting support from institutions, investors and governments. But it will still take quite some time before they get widely accepted. Though deposit rates ... (full story)