The UAE Is Looking To Pay Salaries Through Crypto at Investopia Summit on March 28th
On March 28, officials from the United Arab Emirates (UAE) will gather in Dubai for the Investopia Summit to discuss new economic forms. Policymakers, investors, entrepreneurs, and thinkers will opine on a wide range of topics, including the role of cryptocurrency in the global economy, at the summit. Officials are currently investigating the possibility of paying salaries in stablecoins.
One of the key points of discussion could be the payment of salaries in cryptocurrency, which would be a significant step. Officials noted that salaries in other countries are paid in cryptocurrency, and the UAE is considering paying salaries in stablecoins. However, a lack of knowledge and volatility continue to be issued.
Cryptocurrency and the metaverse appear to be popular topics of discussion at 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 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.”
The metaverse will be discussed at the summit. This year, the virtual worlds that are grouped under this term have fully come to the fore, with the media and big tech firms all extremely excited about it. It remains to be seen how Dubai and its officials will use it, but perhaps the summit’s panels will shed some light.
While this summit is taking place, Dubai has been doing particularly well in terms of general cryptocurrency adoption. This will undoubtedly improve as Dubai’s Ruler, Sheikh Mohammed bin Rashid Al Maktoum introduces a new virtual assets law. The legislation establishes a framework for businesses to deal with cryptocurrencies, such as DeFi and NFTs.
Experts predict that the number of crypto businesses in Dubai will more than double to 1,000 by the end of the year. They predict a surge in the number of startups, jobs, and investment opportunities in the Web3 space. The region is clearly eager to capitalize on the potential of cryptocurrency and incorporate it into its economy. Other countries are also considering how to incorporate cryptocurrency into their economies and make the most of it.
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