The United Arab Emirates has been keen on adopting blockchain and digital currencies, setting the ambitious goal of having 50% of government transactions on the blockchain by this year. It’s initiatives like this, coupled with enabling regulations, that will ensure the UAE becomes the leader in blockchain adoption in the Middle East, Dr. Zayed Al Hemairy told CoinGeek Backstage in a recent interview.
Speaking on the sidelines of the IEEE UAE Blockchain Symposium, Dr. Zayed told CoinGeek’s Sarah Higgs that blockchain technology is gradually powering a significant part of the country’s economy, both in the public and private sectors.
Dr. Zayed is the Blockchain and Cryptocurrency Advisor for the Ministry of Community Development in the Middle Eastern country. In his role, he is involved in most of the government’s projects involving blockchain, and as he told CoinGeek Backstage, there are several such projects in the pipeline.
Dr. Zayed believes that one of the key factors behind the rapid adoption of blockchain in the UAE is regulation. Since 2021, the government has implemented comprehensive regulations for the sector, giving the developers and users clarity and assurance that their businesses fall under legal protection.
“You can see a lot of events are happening now on blockchain and cryptocurrency as well,” he said.
One of these is the IEEE UAE Blockchain Symposium which brought together some of the world’s foremost leaders in the industry, none more than Dr. Craig Wright. In his keynote presentation at the event, the Bitcoin creator delved into how Internet Protocol version 6 (IPv6) integrates with Bitcoin SV and how combining the two creates an unstoppable Internet of value with enhanced access, privacy, and security.
“I think the UAE will be a leader in the Middle East [in blockchain adoption,” Dr. Zayed concluded.
On May 24-26, the UAE will host an even grander event—the BSV Global Blockchain Convention. The event will bring together thought leaders, founders, developers, and general Bitcoin enthusiasts in the country to discuss the progress of the rapidly evolving industry. It takes place at the Grand Hyatt Hotel in Dubai and you can grab your ticket here.
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.