The future will be crypto – At least that is what seems to be confirmed, once again, by the United Arab Emirates (WATER). Increasingly used throughout the world, the country of the desert wishes confirm the crypto trend and even become its epicenter. In this sense, the foreign trade minister of the United Arab Emirates, Abdullah bin Tuqrecently stated that cryptocurrencies will have “ a major role to play in the commercial transactions of his country.
Cryptos to facilitate international trade
“Crypto will play a major role for UAE commerce in the future (…) the most important thing is that we provide global governance when it comes to cryptocurrencies and crypto companies.”
UAE Foreign Trade Minister Abdullah bin Touq – Source: Bloomberg
Through these words reported by our colleagues from Bloomberg, 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, particularly with regard to cross-border transactions. In addition, the statesman adds that cryptocurrencies also make it possible to reduce the costs of international transactions by facilitating the exchange rate for example.
>> 10% reduction on your trading fees? Sign up on Binance (commercial link) <<
Cryptocurrencies, a “major role” certainly, but not without a framework
It should be understood that the adoption of cryptocurrencies in the country is part of a broader context of digital transformation and modernization of the economy. This political will of the country to integrate Web 3 into its program has moreover already mentioned in our lines.
Obvious to the UAE government, by adopting 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 wish to become a web nation 3 to attract start-ups and other entrepreneurs is not unconditional. Promising future for trade, the Minister of Commerce explains that the government is in the process of setting up a legal framework to regulate the growth of cryptocurrencies in his country. He develops as follows:
“We have started to attract some of the companies to the country with the aim of building together the good governance and the good legal system, which is necessary. »
VARA, the Virtual Asset Regulatory Authority, the state regulatory institution – which owns some of its offices in the metaverse – will take care that crypto platforms and other web 3 companies have a license and authorization. Iron fist in a velvet glove, the country is following the direction of the wind and therefore seems to be convinced by cryptocurrency. Carried away in its web storm 3, the government of the United Arab Emirates confirms (once again) its desire to become an Eldorado for cryptocurrencies.
The time for state interest in Bitcoin has come. And you, what are you doing to prepare for the future? Start getting acquainted with this exciting world, and don’t wait any longer for yourself create an account on Binance. You will save 10% on your trading fees by following this link (trading link).