According to the country’s minister of state for foreign trade, the UAE intends to use cryptocurrency for trade in the future and to establish a working regulatory framework. Thani Al-Zeyoudi told Bloomberg on January 20 in Davos, Switzerland, where the World Economic Forum’s annual meeting is taking place, that the UAE is considering trading in currencies other than the US dollar. Cryptocurrencies are one area in which the country is looking to expand, he said. Al-Zeyoudi went on to say that the UAE is still working on its crypto regulatory framework. He stated that the focus will be on making the Gulf country a major hub with crypto-friendly policies that also provide adequate protections. He noted that the country has already made progress in this area.
