On March 28, officials from the United Arab Emirates (UAE) will gather in Dubai for the Investopedia Summit to examine new economic formations. At the summit, policymakers, investors, entrepreneurs, and intellectuals will discuss a wide range of issues, including the role of cryptocurrency in the global economy. One of the key issues of debate might be the payment of salary in cryptocurrency, which would be a huge step. Salaries in other nations are paid in cryptocurrency, and the UAE is considering paying salaries in stablecoins. However, a lack of information and instability continue to be issues.
Cryptocurrency and the metaverse look to be popular topics of discussion during the summit. The UAE Minister of Economy, Abdulla Bin Touq Al Marri, stated that the role of banks in the investment of a new generation of technology will be a focus. The summit will also shed light on the world’s rapid advances in the cryptocurrency sector, which has prompted banks to invest in the next generation of financial technology. Investing in space, as well as space tourism and the future of technology related to it, will be among the primary subjects on the summit’s agenda.
When it comes to widespread crypto acceptance, Dubai has done extremely well. This will definitely improve when Dubai’s ruler, Sheikh Mohammed bin Rashid Al Maktoum, introduces new virtual asset legislation. The legislation establishes a framework for businesses to deal with cryptocurrencies such as DeFi and NFTs. By the end of the year, experts predict that the number of crypto enterprises in Dubai will more than quadruple to 1,000 by the end of the year. They anticipate a surge in the number of businesses, jobs, and investment possibilities in the Web3 domain.
The area is clearly anxious to capitalise on the possibilities of cryptocurrency and incorporate it into its economy. Other nations are also considering ways to incorporate cryptocurrency into their economies and make the most of it.