The UAE minister acknowledges that the future of cryptocurrency lies firmly within the mainstream financial system. – The Inquirer 🇫🇷

Although many jurisdictions and financial regulators take a skeptical approach to the cryptocurrency industry, some believe that it has already changed the world forever and that the future of finance is closely tied to it.

One of them is the Minister of State for Artificial Intelligence (AI), Digital Economy and Teleworking Applications in the United Arab Emirates (UAE), Omar Bin Sultan Al Olama, who expressed his optimism about the future of cryptocurrencies in his article published in The Banker September 28.

Be part of the mainstream instead of avoiding it

According to him, “many of those involved in the initial development of cryptocurrencies and related technologies wanted to use them to circumvent traditional financial institutions and monetary systems”, but “this is not a practical or desirable goal for obvious reasons. »

Therefore, the Minister believes that:

“On the contrary, the future of digital currencies lies firmly in the mainstream financial system, where they can make a huge difference to several issues in areas such as payments, banking and investing. »

To make this future a reality, Omar Bin Sultan Al Olama believes that we must give more leeway to those who are “at the forefront of new technologies (…) while ensuring that the regulations necessary to protect consumers and the financial system, and to prevent criminal enterprises, are in place. »

The UAE’s three-pronged approach to cryptocurrencies

The minister said pushing new technologies while ensuring the necessary regulations was exactly what his country was trying to do, explaining that his approach focused on three main elements – encouraging innovation and adoption, providing a supportive regulatory network , and stimulate global collaboration.

Regarding the first element, the Minister said that “the UAE has fostered an environment in which our citizens feel equipped to explore a new economy of virtual assets, and this is reflected in their adoption. »

Regarding regulation, he highlighted the recent launch of the Dubai Virtual Assets Regulatory Authority (Vara), considering that “cryptographic assets and technologies (…) need a positive but robust regulatory direction to prosper. »

Third, Omar Bin Sultan Al Olama explained that the UAE “already hosts several important events in the global blockchain calendar where we are proud to host entrepreneurs, regulators, investors, and other key blockchain players.” the global crypto space. ”

He concluded the following:

“Cryptocurrencies (…) have enormous potential to revolutionize the existing financial system if implemented in the right way. (…) The United Arab Emirates has adopted this model and hopes to inspire other countries to adopt it as well. »

talk and act

Meanwhile, the UAE is practicing what its Minister of Digital Economy preaches – by implementing cryptocurrency and blockchain technologies in various fields, including airlines, charities and food. fighting financial crime, as reported by Theinquirer.

Additionally, the country has opened its door to crypto exchange Kraken, welcomed an exclusive crypto VIP credit card by VISA (NYSE:V), provided free crypto domains to all women residing in Abu Dhabi, the city UAE’s most populous city announcing plans to support up to 40,000 additional virtual jobs in its metaverse sector.

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The UAE minister acknowledges that the future of cryptocurrency lies firmly within the mainstream financial system. – The Inquirer 🇫🇷

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