**5. Blockchain, Bitcoin and the UAE**

Bitcoin and blockchain technology are currently being used by different businesses and organizations. A peer-to-peer system, without the middlemen, where the buyer pays less and the seller receives more is a phenomenon the world is witnessing currently. Countries are passing policies for its free trade, while other countries like UAE and especially Dubai are adopting it as a part of their Smart Dubai 2020 initiative. Taking the possibilities to another level, the future of Bitcoin is evident from the establishment of a Global Block Chain Council under Dubai Government. It quotes: "As part of its efforts to adopt the latest technologies and innovation practices at the global level, Dubai Future Foundation has announced the establishment of the Global Blockchain Council to explore, discuss current and future applications, and organize transactions through the Blockchain platform. Blockchain records every transaction made by the digital currency Bitcoin" [16]. Similarly, a UAE start-up has come out with a gold-backed cryptocurrency called one-gram, giving users, an asset-backed model of digital currencies. With the GCC accounting for a substantial proportion of global remittances, foreign exchange houses are big business, and many say incorporating Bitcoin-enabling technology would be commercially advantageous, as it would help them to cut costs and provide better services to customers [17]. The volatility of Bitcoin is yet to be seen, as some analysts claim it to be a bubble, while others are cashing in on the cryptocurrency. The future where money may be limited to exchange of Bitcoins, the circulation of the Bitcoins remains to be seen once all 120 million Bitcoins are mined and circulated.
