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Bitcoin Enters the UAE Economy

According to the business news outlet, the Gulf Today, the United Arab Emirates’s (UAE) Ministry of Finance will talk about the development and effect of blockchain platforms and digital transactions in the economy during the 7th World Government Summit.

The Ministry of Finance will have two closed-door sessions regarding the financial trends in the world, including the meteoric rise of blockchain platforms, cryptocurrencies, and creating a suitable economic environment in those two digital technologies. The participants engaging in the conference will also talk about the governance of digital assets and its implications for the development of small to medium enterprises.

The International Monetary Fund will also partake in discussions with the Ministry of Finance, debating on the effect that development funds can have on the global market if the UAE pursues with its plan to start a digital economy. The World Bank will also join in talks concerning the organization of fiscal policies.

The UAE continues to explore some initiatives that are tied to blockchain platform adoption and the development of digital assets. Last January, Saudi Arabia, and the UAE agreed to remain united for the launching of Aber, a cryptocurrency that targets banks in an experiment with the goal of getting a better understanding on how blockchain platform technology works and how it can help facilitate cross-border payments and its implications. The Saudi Arabian Monetary Authority and the central bank of the UAE, however, reveal that Aber is limited to exclusive financial settlements on ledger technologies.

Last year, the Securities and Commodities Authority of UAE shared that it will reveal initial coin offering regulations inside the UAE by mid-2019. Chief Executive Obad Al Zaabi reveals that a regulator made agreements with different law firms to create rulebooks regarding the initial coin offerings’ issuance.

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