Dubai is expected to host the world’s first “Bitcoin Tower,” developer shares details -Dlight News

Dubai Set to Host World’s First ‘Bitcoin Tower’, Developer Shares Intricate Details

Established as a modern infrastructure marvel in recent years, Dubai is expected to host the world’s first Bitcoin Tower. Essentially, this Bitcoin Tower will be a hotel whose shape is inspired by the first cryptocurrency ever. This architectural marvel will be equipped with a range of pro-blockchain and Web3 supporting services and offerings, aiming to innovate and explore multiple use cases of these emerging next-generation technologies.

Using artificial intelligence (AI), this unique facility aims to eliminate the use of paper and other environmentally critical factors from its business processes by largely relying on blockchain technology in its day-to-day operations.

Salvatore Leggiero, the real estate developer behind this Bitcoin Tower project in Dubai, shared details about the project as well as visual insights into its design at the COP28 meeting held in Dubai on May 24th report noted by Finbold.

As a tribute to Dubai’s bitcoin, this property is said to be up to 40 stories high, reflecting Dubai’s signature architectural style, which includes the world’s tallest building, the Burj Khalifa.

The Bitcoin Tower will also have non-fungible tokens (NFTs) that play an integral role in internal reward and transaction systems. The internal NFTs associated with the Bitcoin Tower are bundled with usage values.

If guests choose to use cryptocurrencies with the hotel, they could redeem their rewards and also pay for their accommodation.

Leggiero also asked Simone Micheli, an internationally renowned architect, to optimize the design for this Bitcoin Tower.

This unique up-and-coming property in Dubai is another pro-crypto supporter for the UAE.

For example, Dubai itself is accelerating its efforts to become a hotspot for crypto and Web3 communities.

In March of this year, the city released a set of new regulations that crypto firms wishing to operate out of Dubai must comply with. The emirate has also decided to levy an annual regulatory fee of around US$55,000 (roughly 45 lakh rupees), which crypto firms must bear if they wish to obtain a license in Dubai.

Last year, Dubai created a special regulatory body called the Virtual Assets Regulatory Authority (VARA) to oversee crypto-related deals there.

As part of their Financial Infrastructure Transformation Program (FIT), the UAE’s financial authorities have started working on developing the necessary technical and cybersecurity support for their blockchain-based e-currency.

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