The Ministry of Finance (MoF) of the United Arab Emirates (UAE) can discuss the development of blockchain and digital assets within the country’s economy at the Seventh World Government Summit. The news was reported by news outlet the Gulf today on February. 7.

The MoF can hold 2 closed sessions dedicated to world monetary trends, as well as the event of blockchain and digital currencies and building a feasible economic environment around the 2 technologies. The conference participants will discuss the event of small and Medium Enterprises (SMEs) and therefore the governance of digital assets.

The MoF will hold an open session with the International monetary fund (IMF), debating what impact development funds might have on the worldwide economy by investing in the digital economy, whereas the world Bank can participate in a discussion on the coordination of fiscal policies.

The UAE has launched a number of initiatives associated with blockchain adoption and digital assets development within the country. In January, the UAE and Saudi Arabia proclaimed an agreement to get together on the creation of a cryptocurrency. The cryptocurrency brought up as “Aber” will purportedly “be strictly targeted for banks at an experimental dispense with the aim of higher understanding the implications of blockchain technology and facilitating cross-border payments.”

However later that month, the UAE’s central bank and therefore the Saudi financial Authority proclaimed that the utilization of Aber are restricted to financial settlements using distributed ledger technologies “on a probational basis and [for] exclusive use by a limited variety of banks within the 2 countries.”

In December 2018, the Securities and Commodities Authority of UAE (SCA) same it'll introduce initial coin offering (ICO) regulations within the country by the end of the first half of 2019. The SCA chief executive, Obad Al Zaabi, said that the regulator has “signed agreements with law companies to return up with the sandbox and rulebooks for the issuance of ICOs.”

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