Cryptocurrencies and Tokenization is the Key to Doubling UAE’s Economy, According To Its Minister of Economy

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Abdulla Bin Touq Al Marri, the Minister of Economy of the United Arab Emirates (UAE), stated that cryptocurrencies and tokenization is the key to achieve the country’s goal of doubling its economy, which is already considered the 34th most substantial in the world, in the next decade. The UAE Minister gave out these remarks at the recently held Global Technology Governance Summit by the World Economic Forum. He was joined at the panel by WEF executive Sheila Warren and artist Harry Yeff.

While the majority of the panel discussion was centered on the still-budding NFT hype train, Al Marri’s comments pointed heavily to the incoming tokenization use cases and their subsequent regulations. As per Al Marri, UAE currently aims to elevate its gross domestic product, or GDP, by about 7% in a yearly manner up until it doubles.  At its current pace, UAE’s economy would double by the year 2030.

However, Al Marri believes that the country could achieve such a milestone much earlier if it starts focusing on cryptos and tokenization. The minister then supplemented this by announcing that the government has several ambitious projects centered on the aforementioned economic elements currently in the works. This includes the ongoing comprehensive study by the WEF regarding the concept of funding small to medium-sized companies via a government-backed token.

With all that being said, Al Marri recognizes that the path towards such effort would imminently be long and many obstacles are already lying await for them over the horizon. As per the minister, the country fully understands that the process would be grueling, but it is ultimately eager to be an experimentation site if it means to be the world leader for such efforts.

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