Cryptocurrencies are rapidly gaining more popularity, but it will be a while before they can replace traditional finance in our daily life tasks, according to experts.
For cryptocurrencies to become the primary financial mode, there needs to be more regulatory certainty, further adoption of public use cases and a reduction of crimes in the sector, according to experts at the cryptocurrency conference Token2049 in Dubai this week.
Initially, traditional finance and the new system of digital currencies will compete with each other, but the customer will eventually win because of better pricing, improved speed, quality and efficiency, said Navin Gupta, chief executive of blockchain analytics platform Crystal Intelligence.
“This week, First Abu Dhabi Bank [along with IHC and ADQ] announced plans to launch its own stablecoin. Traditional institutions wouldn’t want to miss out because their customers would want the best of both worlds. They can access traditional finance, crypto, blockchain-enabled finance, and then choose whichever one but from the same brand. But that will take some years because we have many institutions that need to wake up to the new reality,” Mr Gupta said.
Crypto will “definitely emerge” in the next three years as a choice that every customer will have, he added.
The UAE is taking steps to boost the adoption of digital assets and has launched several initiatives to support the sector.
Abu Dhabi's ADGM has attracted global cryptocurrency players such as eToro and M2, allowing these companies to operate as a broker for securities, derivatives and crypto assets, and platforms for institutional and retail investors to buy, sell and hold custody of virtual assets.
Dubai also adopted a law in 2022 to regulate virtual assets to support investors and streamline the offerings from exchanges. The emirate also set up the Virtual Assets Regulatory Authority under the Dubai Virtual Asset Regulation Law, to create an advanced legal framework.
The UAE Central Bank also issued a regulation on stablecoins last June that will only allow businesses and sellers in the Emirates to accept cryptocurrencies for goods and services if they are dirham-backed stablecoins.
Token2049 Crypto Summit in Dubai – in pictures
Mr Gupta praised the UAE for its regulatory clarity and also cited improving policy certainty in the US. Most jurisdictions realise that “this genie cannot be put into the bottle” and are coming up with regulation to keep customers safe, he said.
However, he stressed the need for more adoption in terms of use cases, for example, remittances, payments or digital collectibles. Many use cases also need to become far more prominent, and the number of scams need to go down, he cautioned.
Alice Shikova, marketing team lead at digital identity platform Space ID, also warned of challenges of interoperability and the lack of UX/UI experience for crypto users.
It's still “complex to switch between chains and to transact freely”, she told The National. “You always need to watch out for potential hackers. Everyone in the crypto space should have their own digital identity and on-chain name, that will make every transaction and person verifiable,” she suggested.
When it comes to crypto use cases, payments solutions could offer big benefits, said Harrison Seletsky, director of business development at Space ID.
At present, if you want to do an international remittance transaction, there's relatively high fees and it may take a few days. With crypto, it can be instantaneous, permission-free and a lot cheaper, he said.
Stablecoins offer an example of a “massive” use case already, especially for up-and-coming economies. For people who may not have easy access to US dollars, cryptos give them instant access to safe and secure alternatives on the blockchain, Mr Seletsky added.
Vincent Chok, chief executive of First Digital, agreed that stablecoins are the “next frontier of borderless finance” and are emerging as key players in the new financial infrastructure. Taking remittances as an example, he said in traditional systems, money movement is slow, expensive and limited by banking hours. Stablecoins change that by enabling users to send money globally, instantly and at a lower cost with 24/7 availability.
“It's definitely going to take some time because the banks move very slow. But the underlying infrastructure and value proposition are clear. So, over time, it will continue to move in that direction,” Mr Seletsky said.
Paul Talbert, managing director and co-founder of Asset Token Ventures, a company that tokenises assets in fixed income and private credit, said the entry of more retail investors will help cryptos get more mainstream.
As more regulation and public use cases come out, people will get more comfortable with it. They may replace traditional finance maybe in five years or 10 years, he reckoned.
“We're seeing a lot of growth. If you just look from 2023 to 2024, there was a massive increase in the amount of assets that were tokenised. We'll continue to see that,” Mr Talbert said.
“But it needs retail investors coming to the game, and that's coming on board slowly because regulation has made it slower than it could be. Other places like the US have to take a regulatory approach like the UAE and make it easier for the smaller retail investors.”
Mr Chok from First Digital believes crypto won’t replace traditional finance but will support it, boosting “financial fluidity”.
Hailing the arrival of spot Bitcoin exchange-traded funds, led by companies like BlackRock and Fidelity as a major milestone for crypto, Ryan Chow, founder of Solv Protocol, said they’ve played a key role in bridging the gap between traditional finance and crypto, giving institutional investors streamlined access to Bitcoin.
“Crypto isn’t just for speculators any more, it’s becoming part of the broader financial conversation,” Mr Chow said.
“Crypto still has a long way to go before it can truly rival traditional finance, but there’s no question that the groundwork is being laid.”
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
Getting%20there%20and%20where%20to%20stay
%3Cp%3EFly%20with%20Etihad%20Airways%20from%20Abu%20Dhabi%20to%20New%20York%E2%80%99s%20JFK.%20There's%2011%20flights%20a%20week%20and%20economy%20fares%20start%20at%20around%20Dh5%2C000.%3Cbr%3EStay%20at%20The%20Mark%20Hotel%20on%20the%20city%E2%80%99s%20Upper%20East%20Side.%20Overnight%20stays%20start%20from%20%241395%20per%20night.%3Cbr%3EVisit%20NYC%20Go%2C%20the%20official%20destination%20resource%20for%20New%20York%20City%20for%20all%20the%20latest%20events%2C%20activites%20and%20openings.%3Cbr%3E%3C%2Fp%3E%0A
if you go
The flights Fly Dubai, Air Arabia, Emirates, Etihad, and Royal Jordanian all offer direct, three-and-a-half-hour flights from the UAE to the Jordanian capital Amman. Alternatively, from June Fly Dubai will offer a new direct service from Dubai to Aqaba in the south of the country. See the airlines’ respective sites for varying prices or search on reliable price-comparison site Skyscanner.
The trip
Jamie Lafferty was a guest of the Jordan Tourist Board. For more information on adventure tourism in Jordan see Visit Jordan. A number of new and established tour companies offer the chance to go caving, rock-climbing, canyoning, and mountaineering in Jordan. Prices vary depending on how many activities you want to do and how many days you plan to stay in the country. Among the leaders are Terhaal, who offer a two-day canyoning trip from Dh845 per person. If you really want to push your limits, contact the Stronger Team. For a more trek-focused trip, KE Adventure offers an eight-day trip from Dh5,300 per person.
Company%20profile
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What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
Dr Amal Khalid Alias revealed a recent case of a woman with daughters, who specifically wanted a boy.
A semen analysis of the father showed abnormal sperm so the couple required IVF.
Out of 21 eggs collected, six were unused leaving 15 suitable for IVF.
A specific procedure was used, called intracytoplasmic sperm injection where a single sperm cell is inserted into the egg.
On day three of the process, 14 embryos were biopsied for gender selection.
The next day, a pre-implantation genetic report revealed four normal male embryos, three female and seven abnormal samples.
Day five of the treatment saw two male embryos transferred to the patient.
The woman recorded a positive pregnancy test two weeks later.
COMPANY%20PROFILE
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UAE currency: the story behind the money in your pockets
Sheikh Zayed's poem
When it is unveiled at Abu Dhabi Art, the Standing Tall exhibition will appear as an interplay of poetry and art. The 100 scarves are 100 fragments surrounding five, figurative, female sculptures, and both sculptures and scarves are hand-embroidered by a group of refugee women artisans, who used the Palestinian cross-stitch embroidery art of tatreez. Fragments of Sheikh Zayed’s poem Your Love is Ruling My Heart, written in Arabic as a love poem to his nation, are embroidered onto both the sculptures and the scarves. Here is the English translation.
Your love is ruling over my heart
Your love is ruling over my heart, even a mountain can’t bear all of it
Woe for my heart of such a love, if it befell it and made it its home
You came on me like a gleaming sun, you are the cure for my soul of its sickness
Be lenient on me, oh tender one, and have mercy on who because of you is in ruins
You are like the Ajeed Al-reem [leader of the gazelle herd] for my country, the source of all of its knowledge
You waddle even when you stand still, with feet white like the blooming of the dates of the palm
Oh, who wishes to deprive me of sleep, the night has ended and I still have not seen you
You are the cure for my sickness and my support, you dried my throat up let me go and damp it
Help me, oh children of mine, for in his love my life will pass me by.
The years Ramadan fell in May
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Temple numbers
Expected completion: 2022
Height: 24 meters
Ground floor banquet hall: 370 square metres to accommodate about 750 people
Ground floor multipurpose hall: 92 square metres for up to 200 people
First floor main Prayer Hall: 465 square metres to hold 1,500 people at a time
First floor terrace areas: 2,30 square metres
Temple will be spread over 6,900 square metres
Structure includes two basements, ground and first floor
Killing of Qassem Suleimani
KILLING OF QASSEM SULEIMANI
RACE SCHEDULE
All times UAE ( 4 GMT)
Friday, September 29
First practice: 7am - 8.30am
Second practice: 11am - 12.30pm
Saturday, September 30
Qualifying: 1pm - 2pm
Sunday, October 1
Race: 11am - 1pm
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
India squads
T20: Rohit Sharma (c), Shikhar Dhawan, KL Rahul, Sanju Samson, Shreyas Iyer, Manish Pandey, Rishabh Pant, Washington Sundar, Krunal Pandya, Yuzvendra Chahal, Rahul Chahar, Deepak Chahar, Khaleel Ahmed, Shivam Dube, Shardul Thakur
Test: Virat Kohli (c), Rohit Sharma, Mayank Agarwal, Cheteshwar Pujara, Ajinkya Rahane, Hanuma Vihari, Wriddhiman Saha (wk), Ravindra Jadeja, Ravichandran Ashwin, Kuldeep Yadav, Mohammed Shami, Umesh Yadav, Ishant Sharma, Shubman Gill, Rishabh Pant
