As per the news published in business news outlet the Gulf recently, the United Arab Emirates (UAE) Ministry of Finance (MoF) has been in talks about the expansion of digital assets and blockchain and in the country’s budget at the 7th World Government Summit.
The MoF shall be taking place as two closed sessions devoted to worldwide monetary trends, such as the growth of digital currencies as well as blockchain and creating a possible economic situation around the two technologies. The session members will also deliberate the development of Small and Medium Enterprises (SMEs) and the supremacy of digital assets.
The MoF has taken place in the open session with the International Monetary Fund (IMF), discussing on what influence growth funds could have on the worldwide economy by capitalizing in the digital economy, while the World Bank will contribute in a conversation on the organization of economic policies. The United Arab Emirates (UAE) and Saudi Arabia have even recently declared a covenant to collaborate on the formation of a cryptocurrency, UAE official news agency Emirate News Agency reports on Jan. 19. The UAE has even launched a number of initiatives related to blockchain adoption and digital assets development in the country.
As per the report, the Executive Committee of the Saudi-Emirati Coordination Council has held a meeting in UAE capital Abu Dhabi, with 16 members in total from both countries, in order to discuss the joint initiatives in the Strategy of Determination.
Mubarak Rashed Al Mansouri, the governor of the UAE’s central bank, stated that at the time of the meeting on the worldwide banking standards and regulation for the Arab region that:
“This is probably the first time ever that witnesses the cooperation of monetary authorities from different countries on this topic and we hope that this achievement will foster similar collaboration in our region.”
As per the report published in Cointelegraph in the same month, the United Arab Emirates is considering to join the list of foremost destinations for blockchain-related businesses in 2019 due to its new cryptocurrency regulation.