A Dubai developer desiresย to create a 40-storey Bitcoinย (BTC) Tower to represent Dubaiโs embrace of the digital investment industry.
Bitcoinย (BTC) Tower Architect Promises Novel Experiences
Developer Salvatore Leggiero has requested architect Simone Micheli to inspire the buildingโs design in a virtual world. Micheli commented:
โI will use a logic and concept completely different from traditional constructions. It involves creating virtual environments that allow for experiences never imagined before.โ
Leggiero hopes Bitcoinย (BTC) Tower will bridge the physical and virtual worlds. Artists can submit non-fungible cryptoย tokens (NFTs) for inclusion in an exclusive collection detailing the buildingโs design or internal spaces.ย
Guests can stake digitalย currencies to earn bonus and redeem Non-Fungibleย Tokenย (NFTs) incorporating special privileges.
The developer is the founder of Dubai-headquartered real-estate firm DCREW. He is likewise the CEO of Metaverseย network Assets LLC.ย
Bitcoinย (BTC) Tower will be presented on Wednesday at the Bella Restaurant Lounge in Dubai.
The project could complement the Department of the Futureโs Webย 3.0 and metaverseย network initiatives that will open in Q2 2023.ย
United Arab Emirates Supreme Council Member Sheikh Saud bin Saqr Al Qasimi recently established a digital assets economic free zone under the department.
The region will welcome metaverseย network, blockchainย tech, Non-Fungibleย Tokenย (NFTs), decentralized autonomous organizations, and other Webย 3.0 companies.
The UAE recently implemented a new cryptocurrency exchange licensing program in April. Corporations wishing to do business must comply with anti-money laundering and minimum financialย resources requirements.
The new regulation applies to cryptocurrency enterprises in areas excluding economic free zones and Dubai.
Will the Project Succeed?
Bitcoinย (BTC) Towerโs longstanding success will likely depend on the sustained popularity of digitalย currencies in Dubai. Chainalysis ranked Middle East and North African regions as the highest cryptocurrency adopters in 2022.ย
The region likewise boasts cryptocurrency banking support, which bodes well for the projectโs future.
Bitcoinย (BTC) Tower would likewise need buy-in from Government departments who have not always been on board with cryptocurrenciesย embrace of the physical world.
El Salvadorโs Ministry of Public Works recently confirmed that it was unaware of the nationโs ambition to build a geothermal Bitcoinย (BTC) City.
The Ministry revealed in April that it did not know about the project regardlessย of President Nayib Bukeleโs sharing of architectural drawings.
Additionally, Dubaiโs Virtual Assets Regulatory Authority tightened its cryptocurrency regulations and recently requested Binanceย Cryptoย exchange for more information on its ownership structure and financials.
