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BitOasis will bring cryptocurrencies to Dubai with MasterCard

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BitOasis has reportedly signed an agreement with Mastercard to bring cryptocurrency-related payment cards to the Middle East.. The cards will be available to users of the exchange in early 2023.

BitOasis is a cryptocurrency exchange that operates a wide range of assets, including non-fungible tokens (NFTs). The exchange was founded in 2015 and is based in the United Arab Emirates, working mainly in the Middle East and Africa.

Yesterday, the board of BitOasis unveiled a new agreement with multinational financial services company Mastercard to launch cryptocurrency-related payment cards.. Under the agreement, BitOasis would provide custody services and handle transactions, while Mastercard would provide the cards themselves, which it has already done with other exchange platforms such as Binance y Eurocoinpay. The cards will be available to exchange house users once anti-money laundering and customer identification (KYC) formalities are completed.

The new cards will enable users in the Middle East and North Africa to make purchases at more than 90 million stores and merchant platforms in the MasterCard network.. Using these cards adds another layer of consumer protection by making dispute resolution and refunds available to the user.

Crypto debit cards work as follows:

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  1. The customer makes the purchase in a store or online by paying with the card.
  2. The exchange company is responsible for converting digital assets into fiat currency almost instantaneously.
  3. The buyer will lose the amount equivalent to the proceeds of the cryptocurrency chosen for payment.
  4. The seller receives the money in fiat currency.
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There is a possibility that the buyer enables payments with digital assets, directly receiving payment in cryptocurrency, but this is a less frequent case.

The goal of the partnership is to Facilitate payments and withdrawals with cryptocurrencies.facilitating the adaptation and acceptance of such services by more merchants. The Middle East and North Africa are the regions with the fastest cryptocurrency adoption in the world. In the first half of 2022, the volume of transactions received in both regions increased by 48 percent.

BitOasis also aims to support the UAE’s goal of becoming a global hub for cryptocurrencies.. Senior officials have been lobbying the various authorities to enact a comprehensive regulatory framework, given the increased economic competition in the sector in the Gulf region. Dubai, one of the seven emirates, established in March the first law regulating virtual assets and established a VARA As the regulator of the industry.

Continue reading as Turkey prepares to launch its own CBDC by 2023could be interesting.

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