The development of blockchain technology and digital assets will be discussed by the Ministry of Finance (MoF) of the United Arab Emirates (UAE) at the 7th World Government Summit, reported Gulf Today on 7 February 2019.
The report claims that two closed sessions will be held by the MoF. These sessions will include the development of digital currencies and blockchain and creating an optimum economic environment around these technologies. The development of Small and Medium Enterprises (SMEs) will also be discussed along with the governance of crypto assets.
Moreover, an open session will be held by the MoF, along with the International Monetary Fund (IMF). In this session, the impact of the development bank’s investment in digital currency on the global economy will be discussed. Furthermore, a discussion on the coordination of fiscal policies will be joined by the World Bank.
It is interesting to know that in recent past the UAE has initiated a number of projects related to blockchain integration and digital assets development. In the previous month, UAE joined hands with Saudi Arabia to develop a joint cryptocurrency. This digital asset, named Aber, is expected to be used for cross-border transactions. Moreover, it will allow the stakeholders to develop an understanding of the potential of blockchain technology. However, at the initial stage, only authorized banks will be able to use this technology.
Moreover, in December 2018, reports came out that initial coin offering (ICO) regulations will be introduced by the Securities and Commodities Authority of UAE (SCA) during the first half of the ongoing year. The regulator has reportedly signed contracts with the law firms and asked them to come up with rulebooks and sandbox for ICO issuance.
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