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How does the UAE become an “oasis” in the Middle East?
Encryption services are now playing a more important role in the UAE. According to local news reports in the UAE, the digital economy has contributed about 100 billion dirhams (US $27.25 billion), accounting for 4.3% of the UAE’s GDP. The country has more than 1400 blockchain / encryption start-ups with a total valuation of dirham90 billion (US $24.5 billion). According to government data, more than 90 investment funds and 12 business incubators are also supporting the country’s digital industry. In April this year, at the panel discussion of the global technology governance summit of the world economic forum, Abdulla bin touq al marri, economic minister of the United Arab Emirates, said that encryption assets and asset certification will be the key to the country’s economic doubling plan in the next 10 years. The country’s goal is to increase its GDP by 7% a year, which will double the size of its economy by 2030. Legalization will be the key to this effort, and the government has to protect investors and the larger financial system without stifling innovation.
The President of the International Monetary Fund pointed out that 110 countries are exploring CBDC
Kristalina Georgieva, President of the International Monetary Fund, recently talked about digital currencies including CBDC in a speech. On October 5th, at the T20 summit hosted by Bocconi University and the Italian Institute of International Politics, Georgieva delivered a speech. Georgieva said that from the perspective of macroeconomics and financial stability, the International Monetary Fund believes that digital currency is a whole. This statement responded to the question of whether she considered digital and Crypto to be a potential threat to financial stability. Speaking of opportunities, Georgieva proposed that digital currencies enable people to transfer funds seamlessly at a lower cost. However, she added, “We need to figure out the meaning of digital currency.” She believes that CBDC, which is “backed by the state” and included in the national monetary policy, is the most reliable form of digital currency.
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