A great news for all came when a UAE based business news outlet, the Gulf Today, on February 7 published a report which mentioned that the Ministry of Finance (MoF) of the United Arab Emirates (UAE) shall talk about the advancement of blockchain and Digital Assets in the economic state of the nation in the seventh World Government Summit.
As per the report published by The Gulf Today,
“The Ministry of Finance (MoF) will participate in the 7th World Government Summit, an event that will include round table discussions with the International Monetary Fund Director Christine Lagarde about the development of SMEs in the UAE and the future of Blockchain and digital assets.
To benefit from the expertise of other governments around the world in its efforts to meet the aspirations of the UAE government and build a sustainable knowledge-based economy, MoF will hold two closed sessions and a number of open meetings on global financial trends at the summit from February 10th to 12th.
Younis Haji Al-Khoori, MoF Undersecretary, said, “The Summit is the starting point for the development of ideas, visions and initiatives that enhance human life and enhance the role and work of governments in promoting the quality of their societies. The UAE has made a quantum leap in embracing this important event by analysing and anticipating the future and building for it, not only for today and tomorrow’s generations but also for future generations. We seek to ensure the future sustainability of financial and economic resources and meet the aspirations and needs of future generations by identifying and taking on challenges.”
As reported by many news ventures and also mentioned in Gold Today, the MoF shall hold two shut sessions dedicated to worldwide money related patterns, including the improvement of blockchain and computerized monetary forms and building a practical financial condition around the two advances. The meeting members will likewise talk about the improvement of Small and Medium Enterprises (SMEs) and the administration of computerized resources.
The MoF will likewise hold an open session with the International Monetary Fund (IMF), discussing what sway advancement assets could have on the worldwide economy by putting resources into the computerized economy, while the World Bank will take an interest in a talk on the coordination of financial arrangements.
The UAE has propelled various activities identified with blockchain selection and computerized resources improvement in the nation. In January, the UAE and Saudi Arabia reported a consent to participate on the production of a cryptocurrency. The cryptocurrency called “Aber” will purportedly “be entirely focused for banks at a test stage with the point of better understanding the ramifications of blockchain innovation and encouraging cross-fringe installments.”
Anyway soon thereafter, the UAE’s national bank and the Saudi Arabian Monetary Authority reported that the utilization of Aber will be restricted to money related repayments utilizing disseminated record advancements “on a probational premise and [for] selective use by a set number of banks in the two nations.”
In December 2018, the Securities and Commodities Authority of UAE (SCA) said it will present beginning coin offering (ICO) controls in the nation before the finish of the primary portion of 2019. The SCA CEO, Obad Al Zaabi, said that the controller has “consented to arrangements with law offices to think of the sandbox and rulebooks for the issuance of ICOs.”
For those who do not know, The World Government Summit is an annual event held in Dubai, UAE. It claims to bring together leaders in government for a global dialogue about governmental process and policies with a focus on the issues of futurism, technology and innovation, as well as other topics.