The Arab Monetary Fund issues policy guide on adopting DLT, blockchain
The Arab Monetary Fund (AMF) published ‘Strategies for Adopting DLT/ Blockchain Technologies in Arab Countries’, a policy guide for developing the fintech industry and promoting digital financial transformation in Arab countries through adopting distributed ledger technology (DLT) and blockchain.
In order to improve the efficiency of financial and banking services and support financial inclusion, the guide outlines the policy directions on how to adopt tho se technologies in the financial sector, how to employ them, and how to address the implementation challenges of the DLT.
Additionally, the guide identifies certain recommendations to the application of the technologies at the local level. These include the design of strategies to employ DLT and blockchain at the national level while considering key elements: the 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 guide also provides an evaluation matrix for assessing the progress in adopting these techniques, including several indicators: organisational, technical, research, user engagement, and industry indicators.