In the UAE, the “Blockchain-2021” strategy has been launched. According to this program, within three years the government plans to bring the country to the leaders in blockchain development. According to the statement of His Highness Sheikh Mohammed bin Rashid, with the successful introduction of technology into the system of state institutions, the document circulation costs will be be reduced by $3 billion.
The blockchain will not only save finance, but millions of working hours, more than 1.5 million kilometers of mileage on roads, and reduce the number of state documents by almost 400 million. Such figures are the result of annual work for state bodies.
The four pillars of the strategy are the happiness of citizens, the effectiveness of state bodies, the use of advanced technologies and the development of entrepreneurship on the basis of new technologies.
Such an attitude towards the blockchain development is outstanding. While many regulators around the world are trying to fight the new trends, the UAE have already taken the technology to their arsenal. It is likely that right now it is necessary to take such clear and far-sighted decisions since this is the key to success in the future. Note also that the recent rise in Bitcoin value is tied to the fact that it was declared halal and attracted investments from Muslim countries.