Thread by @IrinaHeaver

Understanding the history of money will help you understand the future

This thread is the #UAE #Dubai edition

👇👇👇
#Bitcoin #money

Most countries, with some exceptions, issue their own national currency, aka legal tender.

Meaning, when in that country you are legally obliged to accept it for your goods and services.

You can chose to accept US Dollars (if the country's laws allow), sea shells or potatoes (called 'barter'),  but you are not legally obliged to do so.

The UAE's national currency is called Dirham, abbreviated as AED, but it has not always been the case.

A currency called Gulf Rupee was used in the countries of the Arabian Gulf and the Arabian Peninsula between 1959 and 1966. 

It was issued by the Government of India and was equivalent to the Indian Rupee.

In June 1966, Abu Dhabi stopped using the Gulf Rupee and instead adopted the Bahraini Dinar.

Whereas Dubai and other Emirates adopted Qatari and Dubai Riyal.

The UAE were formed on Dec 02, 1971.

Dirham was introduced on May 19, 1973.

The Emirates also briefly used the Saudi Riyal during the transition from the Gulf Rupee to the Qatari and Dubai Riyal.

In 1997 UAE Dirham was pegged to USD at a rate of 3.6725 Dirhams to 1USD.

On the other side of the world, on September 7th, 2021 #bitcoin became legal tender in El Salvador.

Thank you President @nayibbukele

Of course, acknowledging OGs and many others who made this possible
@stacyherbert @Excellion @maxkeiser

Today you can swap your UAE Dirhams, Saudi and Omani Riyals, Bahraini and Kuwaiti Dinars, as well as Indian Rupee for the legal tender of El Salvador.

It may sound crazy, but hear me out - I think every one should have some El Salvador currency in their portfolio 👌 a

Thank you for reading

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