Would Crypto Currency Change Ajman’s Business Portfolio?
Crypto Currency has been floating around the financial market. And whenever a new technology or trend hits the global market, UAE’s business and financial hub, Dubai, is not one to be left behind. Once a trend enters into the Dubai market, it won’t be long before it spreads over to the rest of the UAE. Therefore, it is only a matter of time before you will have to carry out your business transactions through crypto currency in Ajman Media City, Sharjah or anywhere else.
In April of last year, UAE had declared that by 2021, nearly 50% of all transactions within its borders would be carried out through cryptocurrency. Keeping this information in mind, it is safe to say that a lot of changes are coming shortly for businesses in the UAE.
A Digital Asset Kiosk Machine has already been installed in the Abu Dhabi Global Market, which is a financial free zone. Located in The Galleria Mall, on Al Maryah Island, this vending machine allows people to buy digital currencies. Therefore, who is to say that a similar vending machine might not be installed in other places like Ajman Media City Free Zone. When this happens, smart businesses would be ready to accept payments for their goods and services in Bitcoins, Litecoin, or likes.
Cryptocurrencies hold a lot of potentials and a lot of risks. They have the power to reshape Ajman’s entire business landscape. Thus, it is only wise for you as a business owner or prospective entrepreneur to understand how cryptocurrency can affect your business transactions and dealings, with both clients and suppliers.
More profitable dealings:
The cryptocurrency was created to replace banks, which means that it would directly connect the payer to the payee. International customers won’t have to pay currency conversion fees or any other charges. Also, since cryptocurrency allows anonymity, the money isn’t subject to the rules and regulations of any country, which makes it easier and cheaper to carry out international transactions. This would make it more appealing for customers to purchase goods and services from you instead of from a business that still uses traditional payment methods.
Aside from that, it will also make it easier and faster for you to carry out transactions with your suppliers. You would be able to easily transfer hefty amounts without paying any third party a single penny, and whatever transaction you make will be made immediately. In a way, the reason for the creation of cryptocurrency is similar to that of free zones – both reduce extra expense on businesses to boost profits.
Bank to bank transfers can take days to process, and if you are carrying out international transactions then payments are prone to greater delays, which can result in cash flow problems for businesses. However, cryptocurrency allows transactions to be carry out almost instantly or within a few hours, depending on how busy the network processing them is. This is great news not only for all businesses in Ajman but it will also good for the overall economy. Faster, greater and more frequent dealings will make UAE a more lucrative market, with higher chances of growth.
Crypto currency will become the means to encourage technological advancement in Ajman Media City Free Zone. Since many customers now prefer paying digitally, businesses will have to invest in good hardware and software to carry out and process cryptocurrency transactions. Companies will also need to invest in a good digital security system and antimalware program to avoid crypto-jacking and stealing.
As a result, businesses in Ajman will very soon be able to enjoy the same digital solutions as businesses in Dubai, New York, and other business capitals of the world. Technology helps businesses to cut costs and allows them to tap into foreign markets, which encourages growth.
Smart Strong Contracts
Smart strong contracts will make dealings easier, cheaper and more convenient for businesses. These unusual contracts have come to exist as a resultant of blockchain systems and cryptocurrency. These are digitally signed contracts between two parties that cannot be modify later on and are easily accessible at all times.
Smart strong contracts will help you track and make real estate deeds, intellectual property rights and other valuable assets, agreements and transactions such as the sale/purchase of assets, money transfers and delivery of services, with ease. You won’t have to go to a lawyer to draw up contracts, the entire procedure would be complete within minutes, and in the convenience of your own space.
Keeping in view all the points that have been discuss as yet, it wouldn’t be wrong to assume that the integration of cryptocurrency in UAE’s economy will prove to be a positive change for businesses. Imagine how easy it would become for a channel headquarter in Ajman Media City, to digitally sign a sponsorship contract and instantly receive payment for advertising.