The Emirates called for strengthening the international humanitarian response and providing urgent relief to those in need
mena3 hours ago
The financial technology (fintech) revolution is happening at a remarkable rate. It has already changed the way we use, manage, access, store and exchange money. Fintech strives to deliver financial services to individuals and businesses in a more convenient, more cost-effective, time-saving way.
At the coalface of this revolution are digital currencies, or cryptocurrencies. They're quick, convenient and are fast becoming a permanent fixture in modern societies and beginning to replace physical paper, plastics and coins.
This is because by their very nature of being digital and global they are responding to the needs and demands of an increasingly tech-driven and globalised world.
Digitalisation of every part of our lives is not going to stop, nor indeed go backwards nor slow down - in fact, it will only gain momentum. We can expect, therefore, digital currencies adoption to soar.
Advocates of digital currencies highlight that that they offer a level of privacy that is not found with other payment methods. Indeed, cryptocurrencies cannot be counterfeited and fraud is practically non-existent. In addition, another major 'plus' for many supporters of digital currencies is that they provide an independence from governments. A global network of computers uses blockchain technology to jointly manage the database that documents transactions.
Since cryptocurrencies are not bound by exchange rates, interest rates, transactions charges or other charges of any country, they can also be used internationally without experiencing some of the limitations of physical, or fiat, currencies.
Financial inclusion is another major part of digital currencies' appeal. There are an estimated 2.2 billion people with Internet access or mobile phones who don't currently have access to traditional exchanges. These individuals are arguably primed for the cryptocurrency market.
Compared to cash (in one form or another), which has been around since the Iron Age, digital currencies are still in their infancy.
It could be argued that many of today's cryptocurrencies are just testing the water of what is possible and popular. It can be expected that they are doing the groundwork for even more innovation to come in the coming years.
But the attraction of cryptocurrencies now and in the future is in allowing people ultimate control over their money, with quick, secure global transactions, and lower transaction fees when compared to all existing physical currencies.
The writer is founder and CEO of deVere Group. Views expressed are his own and do not reflect the newspaper's policy.
The Emirates called for strengthening the international humanitarian response and providing urgent relief to those in need
mena3 hours ago
Photonics is the study of light and has several applications including LED, VR, holograms, high-speed internet and solar panels among other things
uae4 hours ago
A delegation from Egypt arrived in Israel on Friday hoping to revive the truce negotiations
mena4 hours ago
The decision aims to protect the safety and security of pilgrims
gulf5 hours ago
They have been carrying out rescue operations for the last four years, drawing on their extensive experience in saving people from desert terrain
uae5 hours ago
Dubai Amateur 17-year-old Oscar Craig continues to showcase his impressive form with third-round level par 72 at Saadiyat Beach Golf Club
sports6 hours ago
The tragic incident led to the death of a number of innocent people from Yemen
mena6 hours ago
Alongside regional leaders, US Secretary of State Antony Blinken will attend the meetings
world6 hours ago