Crypto is Aligned with Future Financial Systems: UAE Minister
Omar Bin Sultan Al Olama, the state minister for artificial intelligence (AI), digital economy, and remote-work applications in the UAE (United Arab Emirates), wrote a piece for The Banker. In the article, which was published today, the minister expressed his optimism regarding a crypto future. According to the minister, the people involved in the initial development of crypto wanted to “circumvent mainstream financial institutions and monetary systems.” However, the minister notes that this would not be a practical nor desirable goal. Olama states, “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.” Olama states that in order to realize the potential of crypto, it has to be embraced by the financial system. Nonetheless, the minister acknowledges that in order for the industry to thrive, there must...