Blockchain technology will soon transform business operations in several sectors, while initial coin offerings (ICOs) are currently “nothing more than unregulated IPOs”.
These are just two of the forthright opinions shared by regional experts in the latest Arabian Business Roundtable podcast.
The future of crypto currencies in the UAE
Recorded live at the recent Start Up Academy, Hicham El Khaoudy, Head of Global Transaction Banking Sales & Services at Abu Dhabi Islamic Bank, Jan Grabski, director of enterprise scaling at Consensys, Osama Al Rahma, vice chairman of Foreign Exchange & Remittance Group and CEO of Al Fardan Exchange and Tobias Young, head of hydrocarbons at Dubai Gold & Commodities Exchange offered an in-depth perspective on the practical uses for cryptocurrencies and blockchain.
Speaking of the spate of ICOs in recent months – many of which have already failed - Tobias Young told the audience: “There’s no one saying what the rules are or how they work. Regulation is what's going to help us avoid this.”
Osama Al Rahma, vice chairman of Foreign Exchange & Remittance Group and CEO of Al Fardan Exchange, was keen to stress that blockchain has a big role to play once the main players agree on the new rules of the game.
“Blockchain can change the whole way we are doing remittances. This is a $630 billion a year industry with an annual growth of seven percent. But to do cross border payments it’s very complicated process. With blockchain it would be a simple transaction-based settlement which is a revolutionary way of looking at things.”For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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