Blockchain and cryptocurrency are to stay here and impossible to regulate - CEO of a bank based in the United Arab Emirates - Finance
Blockchain and cryptocurrency are to stay here and impossible to regulate - CEO of a bank based in the United Arab Emirates - Finance
According to the Chief Executive Officer (CEO) of the Finanz Institute Bank of Sharjah based in the United Arab Emirates, blockchain and cryptocurrencies are not only difficult to regulate, but also permanently. Despite this prediction, the CEO admits that many in the banking industry still do not fully understand this technology.
a revolutionary technology
The CEO of the Bank of Sharjah, Varouj Nerguizian, said that the blockchain and cryptocurrencies would not disappear, but would probably become a significant part of the banking system. However, Nerguizian said that banks can only benefit from the technology in full if they use non-public or corporate blockchains.
in comments that were made during one Interview with Emirates news also explained how the blockchain may be a two -edge sword for financial institutions that can be Try to adapt to the landscape after pandemic. He said:
blockchain is a revolutionary technology that the banking industry has not yet fully understood. While its application is easy to understand in certain areas such as Know Your Customer [Kyc] or the review of the property certificate of real estate, blockchain allegedly enables the parties to do business with each other without a mediator being necessary. This raises the concerns of the authorities who want to monitor the activity.
In terms of the future of blockchain and cryptocurrencies, especially in view of the increasing pressure of regulatory authorities and governments around the world, Nerguizian is quoted with the claim that the technology does not disappear.
"" I personally believe that blockchain technology and thus also the cryptocurrency will remain here [are] impossible to regulate on the whole. However, jurks such as Abu Dhabi Global Market [ADGM] and Dubai International Financial Center [DIFC] have developed cryptor levels and could be a significant part of the banking landscape over time Develop, ”Nerguizian is quoted.
digital transformation
In the meantime, the CEO is also quoted in the report in which it expresses his conviction that the banking industry was on the way to a digital transformation before pandemic. When pandemic was spreading worldwide, more and more companies, including banks, shifted to a practice in which employees worked from a distance.According to Nerguizian, banks will probably "harvest future profits and profitability" if they use the ability of their employees to remove them.
Do you agree to Nerguizian's view that cryptocurrencies will stay here? Tell us your opinion in the comments below.
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