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UAE to Tackle Blockchain and Digital Assets at Government Summit

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The Ministry of Finance (MoF) of the United Arab Emirates (UAE) will tackle the development of blockchain and digital assets in the country’s economy at the 7th World Government Summit.

This is according to a report made by business news outlet the Gulf Today.

The MoF will stage two closed sessions focused on global financial trends, including the development of blockchain and digital currencies and establishing a feasible economic environment around the two innovations. The conference members will also talk about the development of Small and Medium Enterprises (SMEs) and the governance of digital assets.

The MoF will also stage an open session with the International Monetary Fund (IMF), arguing what impact development funds could have on the global economy by investing in the digital economy, while the World Bank will join in on a discussion on the coordination of fiscal policies.

The UAE has introduced several initiatives associated with blockchain adoption and digital assets development in the country.

In January, the UAE and Saudi Arabia declared an agreement to collaborate on the creation of a cryptocurrency. The cryptocurrency called “Aber” will allegedly “be strictly targeted for banks at an experimental phase with the aim of better understanding the implications of blockchain technology and facilitating cross-border payments.”

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