Dubai’s government is laying the groundwork for developing legislation around bitcoin and digital currencies.
The Supreme Legislation Committee in the Emirate of Dubai, in partnership with the Dubai Electronic Security Center, is set to hold a one-day gathering entitled “Virtual Currencies: Fact and Law” on 20th November. Government officials from both local and national-level jurisdictions are expected to attend.
Ahmad bin Meshar Al Muhairi, secretary general for the Supreme Legislation Committee, said of the event:
That Dubai would at least begin putting the pieces in place to create comprehensive legislation around bitcoin is perhaps unsurprising.
Since the start of this year, its government has aggressively pursued research into the technology, partnering with regional bitcoin startups like BitOasis. Those early steps had developed into proofs-of-concept by the spring, including plans to use blockchain to back up government documents and create connected device networks.
For now, Dubai’s legislative body appears to be in a learn-and-see stage.
In statements, Al Muhairi argued that the venue would provide an opportunity for members of Dubai’s government to gain a better understanding of the tech.
“This will acquaint them with the ways international law deals with ‘bitcoin’, which is now officially recognized worldwide due to the accelerated pace of the smart transformation,” he said.
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