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UAE Minister Says Crypto Will Play a "Major Role for UAE Trade Going Forward"

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The United Arab Emirates plans to use crypto for trade in the future and also set up a working regulatory framework, according to the country's minister of state for foreign trade.

Speaking with Bloomberg on Jan. 20 in Davos Switzerland, where the World Economic Forum's annual meeting is taking place, Thani Al-Zeyoudi said the UAE is considering a trade in currencies other than the US dollar.

One area the country is looking to expand is cryptocurrencies, he said, adding:“Crypto will play a major role for UAE trade going forward.

The most important thing is that we ensure global governance when it comes to cryptocurrencies and crypto companies."Al-Zeyoudi added that the UAE continues to work on its crypto regulatory regime.

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