Dubai’s Royal Family Enters Crypto Arena with $400M-Backed Islamic Coin, But There’s a Catch
The ruling royal family of Dubai is set to make a grand entrance into the world of cryptocurrency. The Islamic Coin (ISLM). But before you dismiss this as another meme coin, let’s delve deeper into this intriguing development.
Dubai has already established itself as a crypto-friendly nation, providing a safe harbor for exchanges and imposing zero tax on capital gains from crypto. This move by the royal family is not just a leap of faith, but a calculated stride into a territory they are already familiar with.
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Show more +The Islamic Coin, or ISLM, is not a joke. It’s a serious project backed by the ruling family of Dubai. They’re not just relying on their own deep pockets, but have also secured outside funding of over $400 million, including a $200 million deal in June from Alpha Blue Ocean’s ABO Digital, a French VC firm.
The Red Flags and Green Flags
Like any crypto project, ISLM has its share of red flags and green flags. The white paper’s emphasis on “empowering the Islam followers of the world” and the potential for large-scale token dumping are concerns. However, the project’s Ethereum codebase compatibility and the royal family’s deep pockets and connections are significant positives.
The royal family’s involvement is both a red and green flag. While it could be seen as a way to further enrich themselves, it could also be a genuine attempt to compete in the web3 space. They have the resources and the connections to make a significant impact.
The ISLM coin is set to be implemented as a payment method with 20 major partners in the Middle East North Africa (MENA) region by Q4 2023. They’re also planning to launch a Mastercard backed by their coin and a gold-pegged stable coin in cooperation with UAE banks.
The ISLM project is an intriguing development in the crypto space. It’s not just about the potential financial gains, but also about control and influence. The royal family’s move into crypto is a clear signal that they want to steer the public towards their coin. Only time will tell how this plays out.
