• XRP price has slipped after failing to hold the $1.38 resistance level.
• Momentum stays weak as volume and buying pressure remain low.
• Price is compressed between $1.32 support and $1.39 resistance.

XRP slipped back after briefly pushing toward $1.38, marking another failed attempt to break higher.

Notably, XRP has spent the past several days moving between roughly $1.32 and the upper resistance zone near $1.35–$1.39.

But each push higher has struggled to attract enough buying pressure to sustain a breakout, and as a result, the market remains stuck in a tight range, with neither bulls nor bears fully in control.

Weak momentum keeps upside in check

One of the biggest issues for XRP right now is the lack of momentum.

Even with the impressive gains, the strength behind those gains is limited. Indicators are hovering around neutral levels, showing that buyers are not stepping in aggressively.

Volume has also been inconsistent, and in some cases, it has even declined during upward moves. That is usually a warning sign that the rally may not last.

This weakness becomes even more noticeable when compared to the broader market.

Bitcoin has been leading recent gains, lifting many altcoins along with it and while XRP has followed this trend, it has not shown much independent strength of its own.

That matters because externally driven rallies tend to be fragile.

If Bitcoin slows down or pulls back, XRP could quickly lose support and fall back into its lower range.

Without a strong internal catalyst, it is difficult for XRP to break away from this pattern.

A market in compression, not in trend

While momentum remains weak, there is another side to the story that cannot be ignored.

XRP’s supply on exchanges appears to be tightening, suggesting that more holders are choosing to keep their tokens rather than sell.

At the same time, there is very little leverage in the market. Traders are not taking large speculative positions, which reduces the chances of sudden, exaggerated moves in either direction.

This combination creates what would be termed a compression phase, since the price is not moving much, volatility is shrinking, and participation is relatively low.

XRP breakout potential vs downside risk

The current setup leaves XRP at a crossroads. On one hand, the tightening supply and improving broader sentiment suggest that a breakout is possible.

On the other hand, the lack of momentum and weak participation make it difficult to trust any move higher without confirmation.

If XRP manages to hold above the $1.28–$1.31 support zone, another attempt at testing the $1.35–$1.39 resistance zone is likely.

And a decisive push above $1.39, supported by stronger trading activity, could shift sentiment and push the price towards the multi-month resistance at $1.43.

However, the downside risk is just as important. A break below the $1.32–$1.33 support zone could lead to a quicker drop, with analysts highlighting $1.28 as the next support level to watch.

If selling pressure increases further, deeper support near $1.13 could come into focus.

For now, the market is not trending but rather preparing for its next move.

The pullback from $1.38 highlights the lack of strength, but it also reinforces how tightly price is coiling, and the longer XRP remains in this range, the more meaningful the eventual breakout or breakdown is likely to be.

Geopolitical tensions in the Middle East had remained the primary macro driver for the gold market over recent weeks; however, on 8 April the situation shifted sharply as the United States and Iran agreed to a temporary two-week ceasefire, including the reopening of the Strait of Hormuz and a pause in military strikes. The easing of acute tensions triggered a sharp decline in oil prices and a return of risk appetite across global markets, weighing on demand for safe-haven assets. As a result, gold retreated from intraday highs near 4,850.

That said, the durability of the agreement remains uncertain. Reports of localised strikes in the region continue to keep market participants on edge, preventing a full dismissal of Iranian-related risks. Additional influence comes from macroeconomic data—particularly US inflation—whose interpretation in the context of Federal Reserve rate expectations continues to shape dollar dynamics. Structural support from central banks persists, with China continuing to increase its gold reserves, while Malaysia and South Korea have resumed purchases after an extended pause.

Technical Outlook

On the daily chart of XAU/USD, a clear two-phase structure is evident. An uptrend that began in March 2024 drove prices to a record high in the 5,595–5,600 range by late January 2026, followed by a sharp and impulsive decline. Notably, the peak in vertical volume occurred not at the price high, but during the subsequent sell-off in March 2026, indicating a climactic phase of selling rather than buying.

The low of that move was recorded near 4,100, from which price rebounded to current levels around 4,766. The horizontal volume profile reveals a dense cluster in the 4,990–5,050 zone, marking the point of control (POC) where trading activity has been most concentrated. This area acts as a natural resistance to further upside. The next significant level above lies at 5,230.

The ascending trend line originating from autumn 2025 was broken to the downside in March 2026 and no longer serves as support for buyers. It may now act as an additional resistance near the 5,000 level.

The lower boundary of the current range is located around 4,380. The RSI and moving averages stand at 50.54 / 42.10 / 46.93, with the RSI hovering near the neutral 50 level and remaining below both upward-sloping moving averages, signalling a lack of confirmed directional momentum.

Summary

Following the completion of an active corrective phase, gold has stabilised below the POC zone, while the RSI remains near neutral levels without a clear directional bias. The current trading range—4,380 on the downside and 5,230 on the upside—continues to define the market structure, as geopolitical developments and Federal Reserve rhetoric shape short-term price dynamics.

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This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Key Highlights

• Bittensor’s TAO token plummeted over 18% following Covenant AI’s departure announcement
• Sam Dare, Covenant AI’s founder, leveled accusations of centralized governance against Bittensor co-founder Jacob Steeves
• Claims include suspended emissions, revoked moderation privileges, and deprecated subnet infrastructure
• TAO currently hovers between $263 and $292, trading beneath its 200-day moving average with $250 as critical support
• Derivatives market shows nearly 1% decline in open interest to $392.59 million, with significant liquidations across major exchanges

The Bittensor network experienced a significant blow on April 10, 2026, as its native TAO token shed more than 18% of its value within a single day. This dramatic downturn wiped out gains from a previous rally that had pushed prices up over 100%, with the catalyst being Covenant AI’s decision to withdraw from the ecosystem.

As one of the network’s most prominent participants, Covenant AI managed three distinct subnets: Templar (SN3), Basilica (SN39), and Grail (SN81). Their departure represents a substantial loss for the protocol’s operational infrastructure.

In a scathing public disclosure, Sam Dare, who founded Covenant AI, directly challenged the decentralization claims of Bittensor, specifically targeting co-founder Jacob Steeves for what Dare characterizes as autocratic network management.

“The network functions under a triumvirate framework—three people controlling the multisig for protocol upgrades. This is marketed as distributed governance to the community. That’s misleading. This is decentralization in name only,” Dare stated in his announcement.

According to Dare’s allegations, Steeves halted token emissions to Covenant’s operational subnets, removed their administrative access to community communication platforms, forcibly deprecated their subnet systems, and executed calculated token liquidations designed to create financial strain.

Steeves “wields ultimate authority over the triumvirate, opposes any substantive power-sharing arrangements, and implements protocol modifications at will, bypassing established procedures and collaborative decision-making,” Dare asserted.

Complete Liquidation of TAO Position

Following the announcement, Dare liquidated his entire position in the network. Blockchain analysis from taosats revealed he sold more than 37,000 TAO tokens from his personal wallet, creating immediate downward price pressure on the asset.

While severing ties with the [[LINK_START_2]]Bittensor[[LINK_END_2]] ecosystem, Covenant AI confirmed it would maintain its research division, proprietary models, and ongoing development efforts. The organization indicated forthcoming announcements regarding new initiatives. “Decentralized, permissionless artificial intelligence training isn’t exclusive to Bittensor. It represents a technological frontier our team remains committed to exploring,” the company stated.

At press time, TAO was fluctuating in the $263 to $292 range. Throughout the 24-hour period, the token reached a low of $262.51 and peaked at $341. Transaction volume surged by 156% during this timeframe.

Critical Price Levels Under Watch

Well-known market analyst Cheds Trading observed that TAO has broken below its 200-day moving average and is approaching the 50-day moving average positioned at $250. The Relative Strength Index (RSI) declined to 41, suggesting additional downward momentum could be imminent.

The Covenant-72B model developed by Covenant AI had previously served as a major catalyst for TAO’s bullish performance. When NVIDIA CEO Jensen Huang mentioned the model during an appearance on the All-In Podcast, the endorsement contributed to TAO’s subsequent 90% price surge.

Derivatives market data from CoinGlass indicated that Bittensor futures open interest contracted by nearly 1% to $392.59 million in just one hour. The most substantial selling activity occurred on OKX, Gate, Bitget, Hyperliquid, and LBank exchanges. At the time of analysis, neither Binance nor Bybit had reflected comparable adjustments.

Following Covenant AI’s withdrawal, TAO is currently priced around $263 with derivatives open interest standing at $392.59 million.

A new pricing mechanism for the x402 protocol will allow AI agents to pay for compute resources based on actual usage rather than fixed rates.

According to a Thursday announcement on X by the Coinbase Developer Platform, the newly launched “Upto” scheme enables variable-cost services for tasks like data queries and large language model inference. 

This update addresses a long-standing limitation in the protocol that prevented efficient payments for services where costs are not known upfront.

“Until now, x402 only supported exact, fixed-price payments. That works great for deterministic APIs. But it blocked an entire category of services where the cost depends on usage, such as token count, compute time, or query complexity,” the Coinbase Developer Platform stated.

The technical framework operates as an Ethereum Virtual Machine (EVM) implementation that supports all ERC20 tokens. To further streamline the process, the CDP Facilitator has been integrated to allow for transactions without gas fees.

Under this new arrangement, sellers set a maximum price while buyers authorize a spending limit for a specific task. Once the AI agent completes the request, the server calculates the precise cost and charges only for the resources consumed. 

This prevents the previous issue where users frequently overpaid for simple tasks or underpaid for complex ones because the protocol could not adjust for fluctuating server-side demands.

Industry adoption of the x402 protocol has grown as companies prepare for the rise of agentic commerce, a sector that requires rapid, frictionless payments to handle high network demand. 

While Coinbase originally developed the protocol, the company recently transferred ownership to the nonprofit Linux Foundation. Major technology players, including Google, Microsoft, and Amazon Web Services, now hold stakes in the protocol through the x402 Foundation.

Microsoft’s stock outlook for 2026–2030 remains broadly constructive, driven by continued growth in Azure, expanding AI monetisation through Copilot, and a $625 billion commercial backlog that provides unusual revenue visibility. The stock trades near $373 as of 8th April 2026, down roughly 33% from its July 2025 all-time high, with the forward P/E compressed to around 20x.

Base-case scenarios point to steady long-term appreciation as AI infrastructure spending begins converting into returns. However, the pace of any recovery depends on capex discipline, Copilot adoption rates, macro conditions and interest rate direction. Valuation sensitivity remains a key swing factor. Read on to learn more about key drivers and risks for MSFT stock price.

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Analytical MSFT Stock Price Prediction: Quick Answer

MSFT trades near $373 as of 8th April 2026, down roughly 33% from its all-time high of $555.45 reached in July 2025. The 12-month analyst consensus averages approximately $582 across 34 analysts tracked by StockAnalysis, with targets ranging from $392 (Stifel) to $675 (Jefferies).

The stock trades at roughly 20x forward earnings on FY2027 Microsoft EPS forecast of ~$19.38, which assumes continued Azure momentum, gradual Copilot scaling and no further macro deterioration.

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• Base view: Steady cloud and AI revenue growth supports a gradual recovery towards $500–$550 over 12 months.
• What must go right: Copilot adoption accelerates, capex-to-revenue conversion improves, and rate expectations stabilise.
• What could derail it: AI monetisation disappoints, capex keeps outpacing Microsoft revenue growth, or tariff and rate uncertainty deepens the selloff.

Recent Price History of MSFT

MSFT traded in a wide range over the past twelve months, falling from an all-time high of $555.45 in late July 2025 to around $357 by the end of March 2026. That represents a drawdown of over 35% from peak to trough. As of 8th April 2026, the stock is down approximately 23% year-to-date, on track for its worst annual performance in nearly two decades.

Several catalysts shaped the move. A strong AI narrative and accelerating Azure growth pushed MSFT above $500 through mid-2025, with the company briefly joining the $4 trillion market cap club in July and October 2025. The reversal began on 28th January 2026, when Q2 FY2026 earnings revealed $37.5 billion in quarterly capex. The stock fell 10% in a single session.

The sharp swings reflected two colliding forces. Through mid-2025, traders priced in AI as a margin expansion story. Once the true infrastructure cost emerged, the narrative flipped to a capital destruction story. Each earnings print and macro headline amplified moves in both directions as the market repriced how long the capex cycle would last.

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What Could Drive Microsoft Stock Between 2026 and 2030?

The path for Microsoft stock price predictions through 2026-2030 hinges on a handful of measurable business drivers. Each connects directly to earnings power and how the market values the stock.

What Drives Microsoft Stock?

• Azure and cloud demand: The core earnings engine, currently growing 39% year-over-year.
• AI monetisation and Copilot uptake: 16 million paid seats, but attach rates and pricing power matter more than headlines.
• Capex, margins and cash-flow conversion: Spending pacing toward $145 billion annually, pressuring free cash flow.
• Valuation regime and interest rates: The forward P/E compressed from 33x to roughly 20x as rate expectations shifted.

Azure and Broader Cloud Demand

Intelligent Cloud delivered $32.9 billion in Q2 FY2026, up 29% year-over-year. Azure and other cloud services grew 39%, with AI workloads contributing an estimated 13 to 16 percentage points. Cloud now accounts for more than 60% of Microsoft’s total revenue and carries higher margins than legacy segments. The business remains capacity-constrained, with roughly $80 billion in unfulfilled Azure orders due to power and data centre limitations.

Microsoft AI Monetisation and Copilot Uptake

Microsoft 365 Copilot reached approximately 16 million paid seats by December 2025, up 160% year-over-year. At $30 per user per month, that implies a run rate of roughly $5.8 billion. But the M365 commercial installed base sits between 415 and 450 million, meaning penetration remains below 4%. A new premium E7 tier at $99 per month launches in May 2026. Enterprise renewal and usage rates climb from here matters.

Capex, Margins and Cash-Flow Conversion

Microsoft spent $37.5 billion on capex in Q2 FY2026 alone, up 66% year-over-year. Quarterly free cash flow fell to $5.9 billion. This spending funds the data centres and AI accelerators behind Azure and Copilot. Over time, it could produce strong returns if AI workloads scale. In the near term, it compresses free cash flow and raises the bar for what revenue growth needs to deliver.

Microsoft’s Valuation Regime and Interest Rates

MSFT’s forward P/E fell from roughly 33x in mid-2025 to around 20x by April 2026. The Fed holds rates at 3.50% to 3.75%, with only one further cut projected by year-end. Higher rates reduce the present value of future earnings, hitting growth stocks disproportionately. Even strong EPS growth may not lift the stock if the multiple keeps contracting.

Traders may track MSFT CFD price movements in FXOpen’s TickTrader platform.

Analytical Microsoft Stock Bull, Base and Bear Cases (12-Month / 2026 View)

In a base analytical Microsoft stock price prediction for 2026, Microsoft sustains mid-to-high-teens revenue growth, Copilot adoption scales steadily and the forward multiple stabilises near current levels. In a bull case, Azure reaccelerates above 40%, AI monetisation inflects meaningfully and rate expectations shift dovish, allowing the multiple to expand. In a bear case, capex continues to outpace revenue gains, Copilot uptake stalls and macro weakness compresses valuations further.

Price targets are based on publicly available 12-month analyst consensus data from StockAnalysis, accessed 8th April 2026 (34 analysts). Published values: average $582, high $675, low $392.

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Other aggregators, including TipRanks and MarketBeat, show a broadly similar range, although exact figures vary due to differences in analyst coverage, sample windows, and update frequency.

Analytical Long-Term Outlook for Microsoft Stock (2027-2030)

It’s difficult for analysts to make accurate Microsoft stock forecasts four to five years out, especially when the company is mid-cycle on the largest infrastructure build in corporate history. A more practical approach is to identify what would need to happen for the stock to move materially higher or lower from current levels.

AI and Cloud Compounding

If Azure’s growth outlook remains positive, above 25% annually, and Copilot penetration climbs from below 4% towards 10–15% of the M365 installed base, the revenue mix shifts towards higher-margin recurring software. At that scale, the capex currently weighing on free cash flow starts to look like invested capital generating strong returns. Microsoft’s commercial backlog of $625 billion provides a foundation, but the conversion rate into recognised revenue is what matters.

Platform Expansion Beyond Current Products

Microsoft is positioning itself as a fully integrated AI-driven platform, rather than a collection of standalone products. This platform expansion is underpinned by investments in proprietary silicon (Maia 200 AI chip), cloud-scale AI infrastructure, and deeper integration across enterprise applications, enabling tighter control over both performance and cost structures. Core assets such as Microsoft Azure and Microsoft 365 are increasingly interconnected, supporting cross-product monetisation and higher client retention.

Valuation Context

MSFT has delivered strong profit growth over the past five years, averaging close to 19% per year. Even if this growth slows to around 12–15% annually through 2030, the current share price still leaves room for further gains, as profits alone could support higher valuations over time. In this case, stock performance would be driven mainly by continued business growth rather than investors paying a higher price for each dollar of earnings. However, if profit growth slows to single-digit levels, the stock may begin to behave more like a mature large-cap, with more limited upside and less investor enthusiasm.

How Trader Can Evaluate a Microsoft Stock Forecast

Traders typically break an MSFT analysis into a few core steps.

1. Starting with Microsoft valuation and earnings: Traders check the trailing and forward Microsoft’s P/E ratio against five-year average and the broader S&P 500. A widening premium without an acceleration in EPS growth could alter risk/reward. At roughly 20x forward earnings, MSFT currently trades below its recent historical range of 28–33x.
2. Tracking Azure and Copilot momentum: Azure’s quarterly growth rate and Copilot seat count are the two clearest signals of whether Microsoft’s AI investment is translating into revenue. Both figures appear in each quarterly earnings release.
3. Watching the capex-to-free-cash-flow ratio: When capex consumed $37.5 billion in a single quarter against $35.8 billion in operating cash flow, the free cash flow margin collapsed. Monitoring whether this ratio improves or worsens quarter-over-quarter reveals how quickly infrastructure spending converts into returns.
4. Factoring in macro and rate expectations: MSFT’s valuation is sensitive to interest rate direction. Fed policy shifts and inflation data move the multiple independently of company fundamentals, as the 2025–2026 drawdown demonstrated.

MSFT Risks: Factors That Could Limit Upside

There are risks that could negatively affect MSFT price.

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• Slower Azure growth: If cloud demand softens or capacity constraints persist, the core earnings engine decelerates. Even a few percentage points of slower growth would pressure the multiple.
• Weak AI monetisation: Copilot penetration remains below 4%. If enterprises treat it as discretionary rather than a core workflow tool, renewal rates disappoint and the capex programme looks harder to justify.
• Competition from AWS and Google Cloud: Azure gained share through 2025, but Google Cloud is growing faster in percentage terms and neoclouds like CoreWeave are scaling rapidly in AI-specific workloads.
• Regulatory pressure: The EU’s Digital Markets Act investigations into Azure, the ongoing Teams antitrust case, and the UK CMA’s probe into Microsoft’s licensing practices could each constrain pricing power.
• Macro-driven multiple compression: At roughly 20x forward earnings, much of the valuation reset has already occurred. But if rates stay elevated or rise further, the multiple has room to compress again.

Final Thoughts

Microsoft enters the 2026–2030 period with a strong but complicated setup. Revenue growth is accelerating, the cloud and AI backlog provides unusual visibility, and the valuation has compressed to levels not seen in nearly a decade. But the capex cycle is unprecedented, AI monetisation remains early-stage, and the macro environment adds uncertainty around the pace of any recovery.

Contradictory market conditions can create an attractive trading environment. If you are looking to trade MSFT via CFDs without owning the underlying shares, you may consider opening an account with FXOpen.

FAQ

What Is the Microsoft Stock Price Prediction for 2026?

The 12-month analyst consensus averages roughly $582 across 34 analysts tracked by StockAnalysis, with targets ranging from $392 to $675. The wide spread in MSFT forecasts for 2026 reflects disagreement over whether AI capex translates into margin expansion or continued free cash flow pressure. The base case assumes steady Azure growth and gradual Copilot adoption at current valuation levels.

What Could Drive Microsoft Stock Higher by 2030?

Sustained Azure growth above 25%, Copilot penetration climbing from below 4% towards double digits, and a dovish shift in Fed policy could each support bullish Microsoft stock price prediction for 2030. If AI workloads scale with near-100% incremental margins and the forward multiple expands back toward 28–30x, the upside case strengthens significantly over a four-year horizon.

Will Microsoft Stock Reach $1000 by 2030?

It would require a market capitalisation of roughly $7.4 trillion. That implies EPS compounding at 15–18% annually to reach $28–33 by FY2030, combined with a 30–35x multiple. Such a bullish analytical Microsoft stock price prediction for 2030 is demanding but it can’t be ruled out if AI monetisation scales and cloud growth holds above 20%. Sustained margin expansion and continued buybacks would also need to contribute.

How Much Could Microsoft Stock Be Worth in 10 Years?

No reliable methodology exists for making 10-year Microsoft share price forecasts. Over the past decade, Microsoft has delivered strong profit growth of roughly 20–23% per year, and even if that pace slows significantly, earnings could still expand meaningfully over time. However, long-term outcomes depend on multiple uncertain factors, including valuation levels, interest rates, and competitive dynamics. As a result, any precise long-term price target should be treated as highly speculative rather than predictive.

How High Is MSFT Stock Expected to Go?

The highest published 12-month Microsoft stock outlook target is $675, from Jefferies. Beyond that, long-term scenario analyses from various sources place bull-case estimates in the $950–$1,150 range by 2030, assuming strong AI monetisation and moderate multiple expansion. Bear-case estimates cluster around $400–$500 if capex pressures persist and growth slows.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Binance co-founder Changpeng ‘CZ’ Zhao said he hopes that cryptocurrencies and blockchain will simply become an invisible part of daily infrastructure by 2031, much like the internet today. 

Speaking on Scott Melker’s Wolf of All Streets podcast posted Thursday, Zhao said that while new use cases and advances will continue to emerge, he hopes talk of the technology will subside as it becomes part of everyday life. 

“I’m hoping that we don’t talk about crypto as crypto in five years, just like we don’t talk about the internet anymore, we don’t talk about TCP/IP, we don’t talk about HTML, JavaScript, etc. We don’t talk about that stuff anymore. We just use it.”

“I think in five years, I’m hoping we’ll just use crypto,” he added. “There will be other use cases for the blockchain, for data storage, so there will be other cases, but I’m hoping in five years, we stopped talking about the technology, we are just using it and it will be used everywhere.”

Freedom of Money with CZ (AMA) https://t.co/ig5azu5ZcU

— The Wolf Of All Streets (@scottmelker) April 9, 2026

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The optimistic vision for crypto in 2030

Global crypto adoption is steadily increasing. An estimated 559 million people worldwide use crypto in 2026, according to data and analytics firm DemandSage. 

Industry insiders predicted last September that the sector may be just one market cycle away from full-scale mainstream adoption. 

CZ isn’t alone in his lofty hopes for the future. 

Cathie Wood’s ARK Invest predicted in a January report that by 2030, digital assets could grow into a $28 trillion market, while Tether co-founder Reeve Collins said last October he expects all currencies to become stablecoins in the same timeframe. 

Meanwhile, blockchain analysis firm Chainalysis recently estimated that stablecoin volumes could hit $1.5 quadrillion by 2035, and a Citi survey of banks and asset managers last September found that most expect a tenth of the global post-trade market turnover to be handled through stablecoins and tokenized securities in less than five years.

AI could speed up blockchain development

Zhao added that blockchain technology could also get a boost in adoption and development thanks to AI. 

“The speed of development, the speed of writing code is going to increase quite dramatically, and AI agents are going to use crypto a lot,” Zhao said, adding that “I’m hoping that blockchain, and I also kind of know blockchain will get there.” 

In March, Zhao argued that AI agent developers should prioritize their intrinsic utility, not the launch of in-house native tokens to raise funds.

Countries that avoid AI and blockchain will fall behind 

At the same time, Zhao said that countries that avoid blockchain technology and AI will be at a huge disadvantage in the future.

Related: CZ memoir revives feud with OKX founder Star Xu over contract forgery, Huobi arrest

“I think there’s really three big industries in my adult lifetime: the internet, blockchain and AI. Any country that misses one of them is going to be severely disadvantaged,” he added.

Customer onboarding platform Signzy ranked Switzerland as the most crypto-friendly country in its January blog. While Arkham flagged the country as one of the top innovating jurisdictions globally.

A January AI report from Microsoft, meanwhile, named the US as the leader in AI infrastructure and frontier model development, though it noted the country lags behind smaller, highly digitized economies like the United Arab Emirates in actual usage.

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