According to the UAE Minister, cryptocurrencies will have a “Major Role” in trade in the future.
The nation’s minister of state for foreign trade, Thani Al-Zeyoudi, said that the United Arab Emirates intends to use cryptocurrency for trade in the future and to establish a functional regulatory framework. Also he said that because the cryptocurrency industry has attracted a lot of talent, the government must enact the proper regulations to support ongoing growth.
Thani Al-Zeyoudi stated in an interview with Bloomberg on January 20 in Davos, Switzerland, the location of the annual meeting of the World Economic Forum, that the UAE is thinking about trading in currencies other than the US dollar. He added that cryptocurrency development is one area where the nation wants to grow.
“Crypto will play a major role for UAE trade going forward. The most important thing is that we ensure global governance when it comes to cryptocurrencies and crypto companies.”
Thani Al-Zeyoudi continued by saying that as the UAE develops its cryptocurrency regulatory framework, the emphasis will be on turning the Gulf nation into a hub with crypto-friendly regulations that also have adequate safeguards in place.
“We started attracting some of the companies to the country with the aim that we’ll build together the right governance and legal system, which are needed.”
The UAE’s minister of state for artificial intelligence, said that despite recent problems with the cryptocurrency market, such as the unheard-of collapse of FTX, the country is still committed to its goal of becoming the world’s cryptocurrency hub.
The minister denied that the UAE’s cities, such as Dubai, were popular destinations for disgraced crypto personalities to flee, saying that “bad actors don’t have a country and don’t have a destination.”
“You will see them everywhere.” “You will see them in the Bahamas, you will see them in New York, London; and what we need to do as governments is work together, with the industry as well, to ensure that if someone does something wrong, he can’t move from one place to the other,” he said.
