The United Arab Emirates will host a summit to talk about new economies, and crypto will be a key part of the discussion. Officials are currently looking into paying salaries in stablecoins.
Officials from the United Arab Emirates (UAE) will meet at the Investopia Summit in Dubai on March 28 to discuss new forms of the economy. The summit will see policymakers, investors, entrepreneurs, and thinkers speculate on a wide variety of topics, including the place of crypto in the global economy.
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One of the important discussion points could be the payment of salaries in crypto, which would be a significant move. Officials noted that salaries are being paid in crypto in other countries, and in the UAE, they are looking into paying salaries in stablecoins. However, a lack of knowledge and volatility remains a concern.
Cryptocurrency and the metaverse appear to be a keen topic of conversation for the summit. Abdulla Bin Touq Al Marri, the UAE Minister of Economy, said that the role of banks in the investment of a new generation of technology will be a highlight,
“[The summit] will also shed light on the quick developments in the world regarding the cryptocurrency market, which encouraged banks to invest in the next generation of financial technology…Investing in space will be among the main topics on the summit’s agenda, in addition to the space tourism, and the future of technologies regarding that.”
Dubai crypto businesses expected to double in 2022
It’s unsurprising that the metaverse will feature in the summit. The virtual worlds that are clubbed under this term have fully come to the fore this year, with the media and big tech firms all buzzing about it. How Dubai and its officials will utilize it remains to be seen, but perhaps the summit’s panels will shed some light.
While this summit is going on, Dubai has been doing particularly well when it comes to general crypto adoption. This will undoubtedly get even better as the Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, introduced a new virtual assets law. The law provides a framework for businesses to deal with cryptocurrencies, including DeFi and NFTs.
Experts believe that the number of crypto businesses in Dubai will more than double by the end of the year to 1,000. They expect an explosion of startups, jobs, and investment opportunities in the Web3 space.
The region is clearly eager to take advantage of the potential of crypto and integrate it into its economy. Other countries are also thinking about how they can work crypto into economies and make the most of it.
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