UAE Minister of Economy: Cryptocurrency and Digitization of Heritage "Essential to Double GDP"

According to the Cointelegraph, UAE Minister of Economy Abdulla Bin Touq Al Marri told a World Economic Forum meeting that the World Summit on Technology Governance was held today that cryptocurrency and the digitization of assets will double the basis of the national economy. .

Artist Harry Yeff and Sheila Warren, Board Member of the World Economic Forum (WEF), also participated in Al Marri's roundtable on "From art to real estate and the symbolic economy ". While most of the discussion has focused on the current NFT boom, Al Marri's comments have focused on future tokenization use cases and their policies.

Al Marri said the UAE plans to grow its GDP by 7% per year, which is expected to double its share of business by 2030. The digitization of equipment will be the basis of this position as "digitization" heritage in addition to the data-driven industry ”. .

Al Marri said the UAE is using a number of desirable initiatives, including research with the World Economic Forum to fund small and medium-sized enterprises (SMEs) through a government-run token platform.

He said "local token trading" was "part of our agenda."

Asked how the government would step in and enforce these new standards, Al Marri said the goal was to protect investors and the economy as a whole without restricting change.

"We are the government and we have taken great care of it," he joked.

It addresses two specific questions. There is no “bad care” and not enough care. He noted that the judiciary and local authorities must work together to prevent new developments from interfering with and to ensure that new resources (such as cast members) benefit everyone.

"How do you achieve a division of labor at a level that everyone can benefit from?" "

He also pointed out that decentralized membership could create problems between the real world and the blockchain. If the owner of a painting is scattered, what if the painting is stolen?

Finally, he said that the UAE wants to lead the world in solving these issues.

"We understand the challenge, but we still have to try to allow the UAE as a testing ground."