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 a panel at the World EconomicForum, he spoke about the prospects for using 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 double its current value by 2030 in order to enter the Top 35 countries in the world.for this indicator.

The key elements of achieving the goalthe goals should be tokenization of assets and developed digital economy. The UAE is currently rolling out 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 already completed trials of a joint digital currency for interbank settlements.

Abdullah bin Tawq al-Marri also said thatThe government is modernizing regulatory mechanisms to protect investors and large financial institutions, taking into account innovation. At the same time, the authorities want to give everyone the opportunity to gain access to a new type of asset 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.

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