2 years ago
According to the main enforcement serviceman (CEO) of the United Arab Emirates-based fiscal institution, Bank of Sharjah, blockchain and cryptocurrencies are not lone hard to modulate but are besides present to stay. Despite this prediction, the CEO admits that galore successful the banking manufacture inactive bash not afloat recognize this technology.
A Revolutionary Technology
The CEO of Bank of Sharjah, Varouj Nerguizian, has said the blockchain and cryptocurrencies are not going distant but are apt to go a important portion of the banking system. Nerguizian, however, said banks tin lone afloat payment from exertion erstwhile they deploy non-public oregon endeavor blockchains.
In comments made during an interview with Emirates News, the CEO besides explained however the blockchain tin perchance beryllium a double-edged sword to fiscal institutions that are attempting to accommodate to the post-pandemic landscape. He said:
Blockchain is simply a revolutionary exertion that is not yet afloat understood by the banking manufacture astatine large. While its exertion is casual to grasp successful definite areas similar Know Your Customer [KYC] oregon the existent property rubric deed verification, blockchain supposedly allows parties to transact with each different without the request for an intermediary. This raises the concerns of the authorities that would similar to show the activity.
Concerning the aboriginal of blockchain and cryptocurrencies, particularly successful the aftermath of accrued unit from regulators and governments astir the world, Nerguizian is quoted asserting that the exertion is not going away.
“I personally judge blockchain exertion and by extension, cryptocurrency is present to enactment and [are] intolerable to modulate astatine large. However, successful UAE, jurisdictions similar Abu Dhabi Global Market [ADGM] and Dubai International Financial Centre [DIFC] person travel up with crypto regulations and mightiness successful clip beryllium a important portion of the banking scenery arsenic we determination forward,” Nerguizian is quoted explaining.
Digital Transformation
Meanwhile, the CEO besides is quoted successful the study expressing his content that the banking manufacture had been headed for a integer translation adjacent earlier the pandemic struck. As the pandemic dispersed globally, much companies including banks shifted to a signifier wherever employees worked remotely.
According to Nerguizian, erstwhile banks exploit their employees’ quality to enactment remotely they volition apt “reap aboriginal gains and profitability.”
Do you hold with Nerguizian’s presumption that cryptocurrencies are present to stay? Tell america what you deliberation successful the comments conception below.
Terence Zimwara
Terence Zimwara is simply a Zimbabwe award-winning journalist, writer and writer. He has written extensively astir the economical troubles of immoderate African countries arsenic good arsenic however integer currencies tin supply Africans with an flight route.
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