The United Arab Emirates is moving toward a brave crypto twist in the case of global standards related to the economy of the country which has the conventional gross domestic product (GDP) in dominance. The new endeavor taken on the behalf of the country takes into account the latest gross Metaverse product (GMP) metric’s implementation.
Dubai to Implement GMP Instead of the Conventional GDP for Enhanced Market Capitalization
This initiative, which is probably an attractive one, has been keenly observed on the behalf of the players of the digital assets as the unique signifier that the government has taken a big step while providing serious attention to the asset class. It has not yet been witnessed if the promising standard will possess the necessary potential.
While appearing in the Dubai Metaverse Assembly, Omar bin Sultan al Olama (the state minister for artificial intelligence, remote-work applications, and digital economy) declared the decision related to Web3 as well as the crypto industry. The conclusive target for the country is to guarantee that the Metaverse can eventually offer sufficient market capitalization with which it can compete with the biggest economies in the world.
Al Olama, while at the Dubai-based Museum of the Future, mentioned that they will have the capability – with the gross Metaverse product – to generate a worth of billions in dollars without demanding the people to be physically present in the jurisdiction while moving through it in the world of the Metaverse.
Though a large number of Metaverse initiatives have been carried out by the private sector-based entities, the UAE aims to decide how the authorities can be benefited from the Metaverse sector’s potential on their own accord. In addition to this, the move will permit the country to define the regulatory rules of its own that would not specifically be implemented in the associated projects which are privately funded.
UAE’s GDP Rises by 5.4% during 2022
The United States is known as the nation possessing the biggest GDP across the globe (with nearly $23T at the minimum level) and the 2nd on this list is China having $17T. Nonetheless, a growth of approximately 8.2% has been witnessed in the economy of the UAE in this year’s initial quarter. Apart from that, the expected growth in the case of the GDP of the UAE is 5.4% in 2022, as mentioned by the central bank.
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