A session titled ‘Is Crypto the New Currency Beyond 2021?’ in session.
Gulf Today, Staff Reporter
China with its digital yuan is a leader in the field of digital currencies. However, other countries are closely following suit. This was the consensus of a session titled ‘Is Crypto the New Currency Beyond 2021?’ on day one of the World Government Summit (WGS) Dialogues.
Moderated by Saqr Ereiqat, Consultant at IBM Global Business Services, the panel discussion brought together three titans of the digital currency industry – Anthony Di Iorio, Founder and CEO of Decentral and Co-Founder of Ethereum, Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation (STF), and Brock Pierce, Co-Founder of Blockchain Capital and IGE.
The panelists launched a conversation on the latest trends shaping the cryptocurrency industry in the Fourth Industrial Revolution era.
Emphasizing the importance of getting governments on board when shaping the regulatory environment for digital currencies, Pierce said: “What’s imperative is that we make sensible decisions when we are passing regulations, because the world is changing, and we don’t want to be left behind because of a decision made in haste that ultimately undermines your nation’s future. Nearly half of the world’s billionaires now have made their money in crypto. As we live through what could be the greatest wealth trend in the history of the world, it’s important to have more people participate in it.”
Highlighting the role of cryptocurrency in creating access to financial tools that is not available to many people, Dixon said: “We need to encourage central banks that issue these types of currencies not to ignore the private sector and all the work it has done to innovate here already. When we have that public-to-private combination, we can make the transition seamless for the end users. Interoperability is one of the most important aspects in terms of the payments and financing infrastructure.”
Mohammed Abdullah Al Gergawi, Minister of Cabinet Affairs and Chairman of the World Government Summit Organization, stressed that successful future governments will be those capable of adapting the lessons from the coronavirus (COVID-19) pandemic to identify growth opportunities.
The impairment provisions for the eight banks increased by about 103 per cent during the first nine months of 2020 to Dhs16.6 billion, compared to Dhs8.2 billion for the same period in 2019.
The UAE’s is expected to reach $700 billion by 2025. Fifty-one per cent of the country’s wealth is owned by individuals whose net worth is more than $5 million.
The Ministry stressed in a statement on Wednesday that its aim to continue expanding the scope of testing nationwide to facilitate the early detection of coronavirus cases and carry out the necessary treatment.
This restriction shall not apply to international all-cargo operations and flights specifically approved by the DGCA. However, flights under the Air Bubble agreement will not be affected, the DGCA said.
Wide range of lively entertainment shows being held every weekend until February 26 across Al Qasba, Al Majaz Waterfront, Al Montazah Parks and Khorfakkan Beach.