The United Arab Emirates (UAE) may become the next country to abandon dollar-denominated oil and non-oil exports with some of its biggest trading partners.
Speaking in an interview with Bloomberg TV, Thani Al-Zeyoudi, the UAE minister of state for foreign trade, repeated its Saudi counterpart’s proposal to consider non-greenback trade.
“We are still in early-stage discussions with India on this dirham-rupee trade,” he said in Davos, Switzerland, for the World Economic Forum.
He added that cryptocurrency would play a crucial role in UAE trade moving forward.
“The most important thing is that we ensure global governance when it comes to cryptocurrencies and crypto companies,” Al-Zeyoudi said. “We started attracting some of the companies to the country with the aim that we’ll build together the right governance and legal system, which are needed.”
Perhaps 2023 will be the year of further de-dollarization efforts.
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