September 26, 2023

The United Arab Emirates will host a summit about emerging economies, and part of the main theme of the conference will be centered around cryptocurrency.

Officials from all the member states making up the UAE are meeting at the Investopedia conference in Dubai scheduled for March 28 to brainstorm new economic models for taking over the mainstream sector.

Policymakers, entrepreneurs, investors, and other opinion-makers are expected to converge to discuss various topics, especially the role of the crypto industry in the global financial ecosystem.

Diving Into Crypto Payments

Accordingly, among the critical topics to talk about at the summit is the payment of salaries in digital currency, which would be a remarkable move, according to officials familiar with the decision.

Officials disclosed that businesses across the globe have started paying salaries in cryptocurrency, but the UAE is looking at the possibility of paying salaries using stablecoins. However, the lack of supporting information and the market’s volatility are major hindrances. 

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But the Emirate is set to explore the possibility of paying salaries in stablecoins as soon as all factors are ironed out.

The Minister of the Economy for the UAE, Abdulla Bin Touq Al Marri, added that the Metaverse is another interesting area discussed during the summit. He also disclosed the roles banks are expected to play in the investment drive for new and emerging technologies.

Crypto Business Forecast For 2022

It does not surprise many that the Metaverse would be a topic worthy of discussion at the summit, considering how the Gulf nation’s drive to develop virtual space is well-publicized.

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The Metaverse has been a buzzword used by many tech enthusiasts, with both the media and big tech firms heavily involved in its advertising.

But the most pressing question on the lips of many is how the Dubai authorities will use the Metaverse to achieve their digital assets vision. There are expectations that the summit’s judges will make a case for it.

Before organizing the recent economic summit, Dubai performed well in crypto adoption and blockchain technology development. This is expected to improve following the newly introduced virtual asset laws by the Ruler of Dubai, Sheikh Mohammad Bin Rashid Al-Maktoum.

The newly introduced law aims to provide the necessary rules to oversee the operation of the digital asset industry.

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Experts in the industry believe that the Gulf country has what it takes to double its current crypto adoption toward the end of the year. Once the Web3 space evolves, experts expect more unicorns to come up alongside investment opportunities and jobs to boost the UAE’s economy.

The Middle East nation is, without doubt, making moves to take advantage of the crypto industry’s offers and merge them into the country’s economy. For now, attention is focused on the out of the Investopedia Summit, highlighting the next step of action that the UAE needs to take to actualize its goals.

Other countries are also working on leveraging the vast potential in the digital financial markets space.

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