UAE to Discuss blockchain and digital assets at the 7th World Government Summit

February 09, 2019
Chris Wheal

As one of the leaders in blockchain and crypto development in the region, the United Arab Emirates (UAE) continues to promote cryptocurrencies further. At the upcoming 7th World Government Summit on February 10-12, UAE to discuss the development of blockchain and crypto industries, as well as their impact on national development.

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UAE’s Ministry of Finance (MoF) leads the presentation, which consists of two closed sessions, focused on global financial trends, as well as development of blockchain and cryptocurrencies that transform the economy. Plus, MoF will discuss the development of Small and Medium Enterprises (SMEs) and the governance of digital currencies. Additionally, the Ministry of Finance has teamed up with International Monetary Fund (IMF) and World Bank for another open session, dedicated to the debate on the impact digital currencies have worldwide.

The desire of UAE to talk about cryptocurrency on a global scale comes for a reason. Just a couple of weeks ago UAE along with Saudi Arabia have officially announced creation of their own, joint cryptocurrency called Aber. Initially, the cryptocurrency will be focused on bank-to-bank transfers in order to understand all ins and outs of such a global integration of a new technology on a government level in two countries. Upon the new cryptocurrency will prove its reliability, it’s planned to be passed on to the individuals as well.

Additionally, the Securities and Commodities Authority of UAE (SCA) mentioned that by the first half of 2019 they are to release clear and concise ICO regulations. Among latest developments, they’ve recently hired a group of lawyers, which should present their “vision of the sandbox and rulebooks” for ICOs.

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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