The Arab Monetary Fund publishes the policy guide on stratigies for adopting DLT-blockchain technologies in Arab countries

Great opportunities for enhancing financial services by fostering the use of DLT/ Blockchain Technologies in Arab Countries

  

Guidelines and roadmap on how to embrace these technologies in the financial sector, how to employ it properly and the related requirements

The Arab Monetary Fund (AMF) issued today Tuesday, August 17, 2021, Policy Guide on “Strategies for Adopting DLT/ Blockchain Technologies in Arab Countries” prepared by the Arab Regional Fintech Working Group (WG), which AMF has its technical secretariat. The guide is being issued in the framework of the Fund's endeavours to promote awareness of the requirements for developing Fintech industry and supporting digital financial transformation efforts in Arab countries.

The guide aims to provide policy directions on how to adopt these technologies in the financial sector, how to employ them properly, the related pre-requisites; thereby improving the efficiency of financial and banking services and enhancing support for digital financial transformation and financial inclusion efforts. The guide elaborates on the various types of Distributed Ledger Technologies (DLT) and blockchain, clarifies common myths and misconceptions about them, highlights their governance methodologies, and the initiatives of different countries in adopting these technologies and how to formulate national strategies.

The guide also addresses Distributed Ledger Technologies (DLT) and blockchain applications in the financial sector, and how to overcome the implementation challenges.  

In this regard, the guide provides multiple sets of recommendations and roadmap with a range of action plans and considerations when these technologies are applied at the local level. These policy recommendations include formulating strategies to employ DLT and blockchain at the national level, taking into account different models for blockchain governance, building standards for technical solutions using DLT and blockchain, the shared interoperable blockchain system, the integration with legacy system, developing capacity and building awareness, as well as partnership with the private sector.

The recommendations highlight the need for integration with other services, for example smart contracts, digital signature, key custody and security solutions, in addition to the integration with other technologies such as artificial intelligence, big data and the Internet of Things. These would also include aspects of cost analysis, prioritizing leading use cases at the national level, and operationalizing the regulatory and supervisory tools embedded on blockchain networks.

Finally, the guide includes an evaluation matrix to follow up the progress in adopting these techniques, including several indicators. These indicators address respective aspects of building an ecosystem for distributed ledger and blockchain technologies, including indicators of organizational, technical, research, user engagement, and industry indicators.

The guide was prepared and reviewed by representatives of Arab Central Banks, the Arab Monetary Fund (AMF), the Egypt Post, the Islamic Development Bank Group (IsDB), the World Bank Group (WBG) and Karam Legal Consultants members of the Arab Regional Fintech WG, as well as experts from the Organization for Economic Cooperation and Development (OECD), and the World Economic Forum (WEF).

In this context, His Excellency Dr. Abdulrahman Al-Hamidy, Director General Chairman of the Board of Arab Monetary Fund, noted with appreciations the initiatives of the Arab Reginal Fintech Working Group in issuing guidelines providing advice to the relevant authorities in the areas of Fintech, strengthening digital financial services, and supporting innovations and access to formal financial services. H.E referred to the great opportunities offered by promoting the use of DLT and blockchain in the financial services. He added his wishes that the guide would contribute to raise awareness of deploying such technologies. Finally, he noted with appreciations the ongoing cooperation of the Arab Reginal Fintech Working Group with international institutions, research centers and universities.  

You can download the report by clicking on the following link: https://www.amf.org.ae/en/publication/strategies-adopting-dltblockchain-technologies-arab-countries  

Send us your press releases to pressrelease.zawya@refinitiv.com

© Press Release 2021

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.


More From Press Releases