At the World Economic Forum meeting today for the Global Technology Governance Summit, UAE Economy Minister Abdullah bin Tuk al-Marri said that cryptocurrency and asset coding will be the key to the country’s plans to double the economy – currently ranked 34th in the world. – 10 years ago.

Al-Marri has joined Harry Yeff and Sheila Warren, CEO of the World Economic Forum, to access a distinct economy from art to real estate. While much of the conversation focused on today’s madness, Mary was mostly about the symbolic utterances that came and how they were organized.

The country has ambitions to increase GDP by 7% a year, which will put it on the right track to double the size of the economy by 2030, Al-Marri said. Coding will be an important component of this effort, as “coding complements the information-driven economy.”

Perhaps the most exciting thing about adoption, the minister said, is that there are several ambitious projects underway in the country, including a study from the World Economic Forum on financing small and medium-sized enterprises through a government token platform, possibly as part of ‘Exchange regional codes’. on our agenda. ”

Asked how the authorities, which by their very nature are deeply rooted in the economy of a symbol, interact with these new paradigms and the need to regulate them, Al Marri said the goal is to protect investors as well as the financial system as a whole. , without stifling innovation. …

“We are the government – we are good at organizing,” he joked.

In particular, he highlighted two pain points: the lack of a “coordinated organization” and the lack of adequate regulation. He noted that jurisdiction and regional regulations must work together to prevent separate innovation bubbles and ensure that new asset models, such as fragmented ownership, benefit everyone.

“How can we bring fragmentation to a level that benefits everyone?” I asked.

He also noted that fragmented ownership can lead to real mistakes when faced with blockchain: if an apartment contains fragmented ownership, who pays the maintenance fee? What happens if the painting is stolen, if the board is fragmented?

Ultimately, the country strives to be a leader in solving these problems.

“We understand the problems in this way, but we are experimenting and letting the United Arab Emirates be a place of experience.”

Source: CoinTelegraph

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