April 17, 2021

UAE plans to double its GDP through cryptocurrencies and tokenization

UAE plans to double its GDP through cryptocurrencies and tokenization

Minister of Digital Economy of the United ArabEmirates Abdullah bin Tawk al-Marri said that cryptocurrency and asset tokenization are key to the country's plans to double its gross domestic product.

Speaking at the panel of the World EconomicForum, he spoke about the prospects for the use of digital assets for the development of the national economy and their regulation. According to Al-Marri, the UAE plans to increase its GDP by 7% annually and by 2030 to double its current value in order to enter the Top 35 countries in the world. for this indicator.

Key elements of achieving the set goaltokenization of assets and a developed digital economy should become. Currently, the UAE is developing several projects in this direction. Among them, the minister noted the development of a state platform for financing small and medium-sized businesses through tokens that can be exchanged at the regional level.

Last year, the UAE and Saudi Arabia have already completed trials of a joint digital currency for interbank settlements.

Abdullah bin Tawk al-Marri also said thatthe government is modernizing regulatory mechanisms to protect investors and large financial institutions with innovation in mind. At the same time, the authorities want to give everyone the opportunity to gain access to a new type of assets and prevent the formation of a closed system.

According to the minister himself, for this, the government has to do a lot of work and, in fact, turn the national economic system into a platform for experiments.