UAE’s Ministry of Finance emphasises importance of addressing issues related to cryptocurrencies

Younis Haji Al Khoori, undersecretary at the Ministry of Finance. Reem Mohammed / The National

The UAE’s Ministry of Finance stressed the importance of addressing the regulatory issues associated with cryptocurrencies and stable currencies during the recent G20 Finance and central bank deputies meetings.

“The Ministry of Finance emphasises the importance of addressing the urgent issues on the G20 agenda … including the increasing need to confront legal, regulatory and supervisory issues related to cryptocurrencies and stable currencies,” Younis Haji Al Khoori, undersecretary of the ministry, who was part of the UAE delegation, said.

The first meeting, attended by the G20 Finance and central bank deputies, was held from November 11-16, while the second meeting, on November 19, included the G20 Finance deputies, invited countries and international and regional organisations.

“The ministry also calls for exploring ways to provide reliable data and performance measures for infrastructure assets, which will be geared towards better infrastructure development - including addressing financing gaps and digital transformation,” said Mr Khoori.

He added that the ministry supported this year’s financial track results and commitments, which included the call to continue the health and financial response through the G20 action plan, especially in light of the Covid-19 pandemic.

The G20 Finance deputies had completed the joint financial statement and submitted it for review and approval by the G20 leaders during their virtual summit, scheduled on November 21-22 under the Saudi presidency.