UAE's Minister Shows The Positive Future Of Cryptocurrencies
Many people involved in the early creation of cryptocurrencies and related technologies, in his opinion, aspired to utilize them to avoid mainstream financial institutions and monetary systems, but this is not a viable nor a desirable objective for obvious reasons. The minister stated:
“Rather, the future of digital currencies lies firmly within the mainstream financial system, where they can make an enormous difference to several problems in areas such as payments, banking and investing.”
To make such a vision a reality, Omar Bin Sultan Al Olama believes that people at the forefront of pushing new technologies should be allowed more leeway while ensuring that the appropriate policies that safeguard consumers and the financial system and prevent criminal business are in place.
The minister stated that his government was attempting to promote new technologies while guaranteeing the appropriate laws, describing its strategy as concentrating on three main elements: fostering innovation and adoption, creating a favorable regulatory network, and boosting global collaboration. He said:
“Cryptocurrencies have enormous potential to revolutionize the existing financial system if implemented in the correct way. The UAE has adopted this model and hopes to inspire other countries to embrace it too.”
Meanwhile, the UAE is putting into practice what its digital economy minister preaches, adopting cryptocurrency and blockchain technology in a variety of industries such as aviation, charities, and financial crime combating.
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