Dubai Legislation Committee Hosts Bitcoin Workshop

On November 20 the Supreme Legislation Committee in the Emirate of Dubai (SLC) will host a workshop on Bitcoin. The event will discuss the what lies ahead concerning legislative and legal architecture for the virtual currency industry.  

Also read: Dubai Establishes Gov’t Backed ‘Blockchain Council’

Dubai’s Supreme Legislation Committee Creates Bitcoin Workshop

Dubai’s SLC, in collaboration with the Dubai Electronic Security Center (DESC), will present a session workshop dedicated to Bitcoin awareness. The SLC has revealed many “high-level” local and federal government representatives from the region will be in attendance. Attendees will discuss the country’s goals of keeping the legal system parallel to these emerging technologies.

“The move is part of our continuing efforts to build a legal knowledge base in line with our strategic objectives in strengthening the legal system and developing the legislative process to achieve the objective and realistic requirements for drafting leading legislation that simulates reality and outlooks the future,” H.E. Ahmad bin Meshar Al Muhairi, the SLC secretary general explained.     

The workshop agenda will be focused on ‘Legal and Legislative Frameworks of Virtual Currency at the International Level,’ says the SLC. The sessions will have speakers such as Dr Marwan Al Zarouni, Director of Information Services at Dubai Electronic Security Center. Al Zarouni will discuss the basics of virtual currency and highlight the many attributes of cryptocurrency. The premise will detail the ‘Definition and Origin of Virtual Currency,’ and how they will interact with local and international cyber security law.

The workshop will be “in line with the wise guidance of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai,” says the SLC secretary general.

Acquainting Dubai Officials With the Accelerated Pace of Smart Transformation      

The SLC believes virtual currency, although nascent, is not new and spreading awareness helps push forth innovation. The organization says there is an “urgent need” to highlight bitcoin awareness as it is the first of its kind and the most popular cryptocurrency worldwide. The SLC understands there are great differences than traditional currencies and look forward to supporting nation-wide governance on this technology.

“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,” stated H.E. Bin Meshar.

DESC also believes spreading knowledge about virtual currencies forwards progress and development. H.E. Yousef Al Shaibani, DESC Executive Director, said the security centre entity would provide ongoing support towards these matters of building infrastructure. H.E. Al Shaibani stressed that informing legislative and financial sectors about virtual currency and blockchain provides improved cooperation.

“This reflects our belief that the emirate of Dubai and the United Arab Emirates should be among the first in the region and the world to establish a legislative framework and a financial and organizational structure for this technology, with the participation of all competent authorities in the emirate and the UAE,”  H.E. Al Shaibani added.

Dubai Has Been on a Mission to Help Lead Blockchain and Virtual Currency R&D        

Dubai has always been forward thinking when it comes to technology. The subject of blockchain and cryptocurrencies is no different as authorities are bolstering these innovations. Back in August, the country showed its commitment to blockchain research and development by investing one billion dirham ($275 million USD) into acceleration programs.  

“Under the directives of our leadership, we look forward to a new phase in the development of our national economy,” explained Sheikh Mohammed bin Rashid Al Maktoum of Dubai.

Dubai has also hosted its Blockchain Technology Conference in Burj Al Arab, showcasing the many attributes of these protocols. With the Dubai’s accelerator program and the upcoming SLC Bitcoin workshop, it shows leaders from the region want in on this new economy.

What do you think about Dubai’s SLC Bitcoin workshop? Let us know in the comments below.

Images via Shutterstock and Pixabay. 

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