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The United Arab Emirates Ministry of Finance (UAE) will discuss the development of blockchain and digital badets in the country's economy at the 7th World Summit of Governments. The news was reported by the commercial newspaper Gulf Today on February 7th.
The Ministry of Finance will hold two closed-door sessions on global financial trends, including the development of blockchain and digital currencies and the creation of a viable business environment around both technologies. Conference participants will also discuss the development of small and medium-sized enterprises (SMEs) and digital badet governance.
The Ministry of Finance will also hold a public meeting with the International Monetary Fund (IMF) to discuss the impact that development funds could have on the global economy by investing in the digital economy, while the World Bank would participate in a debate on the coordination of budgetary policies. .
The UAE has launched a number of initiatives related to blockchain adoption and digital badet development in the country. In January, the United Arab Emirates and Saudi Arabia announced the conclusion of a cooperation agreement for the creation of a cryptocurrency. The crypto-currency called "Aber" will be allegedly "strictly focused on banks at an experimental stage in order to better understand the implications of blockchain technology and facilitate cross-border payments".
However, later this month, the UAE's central bank and the Saudi Monetary Authority announced that the use of Aber would be limited to financial regulations using distributed ledger technologies. on a probationary basis and [for] exclusive use by a limited number of banks in both countries ".
In December 2018, the Securities and Commodities Authority (SCA) of the United Arab Emirates (SCA) announced the introduction of the initial regulations for the supply of coins (ICO) in the country of origin. by the end of the first half of 2019. SCA Executive Director, Obad Al Zaabi, has The regulator has "signed agreements with law firms to offer the sandbox and emission regulations OIC ".
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