The future will be crypto – At least this is what seems to be confirmed, once again, by United Arab Emirates (WATER). Increasingly used around the world, the land of desert wishes confirm the trend of cryptocurrencies and even become its epicenter. In this sense the minister of foreign trade of the United Arab Emirates, Abdullah bin Tuqrecently stated that cryptocurrencies will have “ an important role to play in the commercial transactions of his country.
Cryptos to facilitate international trade
“Cryptocurrencies will play an important role for UAE trade in the future (…) the most important thing is that we provide global governance when it comes to cryptocurrencies and cryptocurrency companies.”
Abdullah bin Touq, Foreign Trade Minister of the UAE – Source: Bloomberg
Through these words reported by our Bloomberg colleagues, the Minister Abdullah bin Tuq explains his country’s still-existing craze for cryptocurrencies. He even supports his point by explaining that the latter are the means of facilitate commercial transactions with other countries, especially with regards to cross-border transactions. Furthermore, the statesman adds that cryptocurrencies also allow for the reduction of the costs of international transactions, for example by facilitating the exchange rate.
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Cryptocurrencies, an “important role” certainly, but not without a framework
We understand that the adoption of cryptocurrencies in the country is part of a larger context of digital transformation and modernization of the economy. This country’s political will to integrate Web 3 into its program also has already mentioned in our lines.
Obvious to the UAE government, by embracing blockchain technologies, the country could then claim to maintain a position of regional economic leader. The state would also strengthen its position on the international scene.
However, this desire to become a web nation 3 attracting startups and other entrepreneurs is not unconditional. Promising future for trade, the Commerce Minister explains that the government is in the process of setting up a legal framework to regulate the growth of cryptocurrencies in your country. It develops as follows:
“We have begun to attract some companies to the country with the aim of building together good governance and a good legal system, which is necessary. »
VARA, the Virtual Asset Regulatory Authority, the state regulatory body – which owns some of its offices in the metaverse – will take care that crypto platforms and other 3 web companies have a license and authorization. Iron fist in velvet glove, the country is following the direction of the wind and therefore seems to be convinced by the cryptocurrency. Caught up in its web 3 storm, the UAE government confirms (once again) its will to become an Eldorado for cryptocurrencies.
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