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Several countries in the world have started to pay employees their salaries in cryptocurrencies; UAE is also looking to step in
The Middle Eastern country, the United Arab Emirates, is going to host an event that would include conversations about new economies, and Crypto would also be a part of the discussion. Officials from UAE will join the meeting at Investopedia Summit held on 28th March in Dubai. At the summit, policymakers, entrepreneurs, thinkers, and investors would speculate on various topics, including Crypto’s place in the global economy.
While the conversation, crypto payment as salaries would be an important point of discussion which would be seen as a significant move. Several officials said that some of the countries are paying salaries in Crypto, and in the UAE, those officials are looking forward to paying salaries in stablecoins. But the only concern that is being raised as an issue is volatility and lack of knowledge about digital assets.
During the Investopedia Summit in Dubai, cryptocurrency and metaverse would be a keen conversation topic. Minister of Economy in UAE, Abdullah Bin Touq Al Marri, said that in new technology generation investment, the role of banks would be a major highlight.
Marri continued to say that the summit will also bring light on the developments that are being made quickly in the cryptocurrency market worldwide. This would encourage banks for investing in next-generation financial technology. One of the main topics on the summit’s agenda would be investing in the crypto space. Other additional topics of conversation would be space tourism and future technologies.
It would be no surprise if the summit will also features the metaverse. The virtual world concept that has been developing and being nurtured this whole term is now taking its place among leading and forefront this year, as media and giant tech firms are promoting and buzzing it all around. It would be a matter of time when it’s clear how officials in Dubai will utilize it, but at least the panel at the summit will shed some light on the matter.
Dubai has been doing specifically well in terms of crypto adoption in general. Undoubtedly, it will only get better as Sheikh Mohammed bin Rashid Al Maktoum, ruler of Dubai, introduces new laws for virtual assets. The upcoming law is intended to provide a framework of regulations on how businesses deal with digital assets, NFTs and DeFi.
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Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
