Dubai Plans To Offer 40,000 Virtual Jobs To Build Metaverse Economy Amid Bear Market

Dubai looks to offer 40,000 virtual jobs, endeavoring to build a leading metaverse economy.

What Happened: In a recent plan revealed by Sheikh Hamdan bin Mohammed, Dubai’s crown prince, it was stated that Dubai looks to offer 40,000 virtual jobs and multiply the blockchain companies existing in the region by 500% by 2027.

The statement further highlighted that Dubai already is home to 1,000 companies based on the blockchain.

These companies currently contribute over $500 million to the national economy. Furthermore, the government endeavors to advance the adoption of innovative technologies, such as blockchain technology, by constructing effective platforms for technology users.

They further seek to create an effective regulatory framework surrounding cryptocurrencies to advance large-scale adoption. Why It Matters: This news comes amidst a plunging cryptocurrency market, with around $2 trillion being wiped recently from the sector, as major coins such as Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE) all losing a lot of ground. Therefore, Dubai’s latest initiative is bullish for the cryptocurrency space in the long term, serving as a crucial step in global adoption for that sector.