The adoption of artificial intelligence is set to supercharge the use of cryptocurrencies globally, the former head of the world's largest crypto exchange Binance said.
Technology is growing rapidly, which in turn will support the use of blockchain, Changpeng Zhao, commonly known as CZ, said at the FinTech Forward event in Bahrain on Thursday.
“I think AI is going to drive crypto like crazy. AI will facilitate like, 1,000 or a million times more transactions for everyone in the world,” he said.
“AI can only use a blockchain; it is not going to be able to use credit cards … so AI is different as a tool, but finance will happen on the blockchain. I think there are many, many different areas for growth.”
Cryptocurrencies, as an asset class and as a means of transaction, are also very secure, although there are many “misconceptions” about illicit activity in the industry, Mr Zhao told delegates at the event.
“Every time something bad happens using crypto, then it's [in the] headlines. But if you actually look at the numbers, the percentage of transactions that are bad in crypto is extremely low. I think it's less than 0.1 per cent or something, whereas in traditional finance, the percentage is 2 per cent to 5 per cent,” he said.
The fact that crypto is extremely traceable means that “it's actually much easier to conduct law enforcement using blockchain”, he added.
US adoption of Crypto
Legitimacy is also coming from the US government adopting crypto. The world's largest economy has this year introduced a slew of cryptocurrency legislation in line with America's aim to be the global leader in digital assets.
The Clarity Act, the Anti-CBDC Surveillance State Act, and the Genius Act, are among the legislative moves intended to prioritise consumer protection and strengthen the US dollar’s reserve currency status.
Countries in the Gulf region, however, are leading global efforts when it comes to crypto regulation, he said.
“Bahrain is one of the leading regulatory bodies in the whole space, but many people don't know about it. And I think the UAE is very strong as well. Abu Dhabi, Dubai, they're very forward thinking,” he said.
Bahrain was one of the first countries in the region to regulate the space. The Central Bank of Bahrain introduced a regulatory framework for cryptoasset services through its Crypto-Assets Module, which provides a legal and operational framework for cryptoasset providers.
The UAE has also taken steps to encourage the adoption of cryptocurrencies and build robust frameworks and legislation. Dubai's Virtual Assets Regulatory Authority and Abu Dhabi’s ADGM are leading crypto adoption efforts in the UAE, the second-largest economy in the oil-rich GCC economic bloc.
The Gulf's cryptocurrency market, which was valued at $744.3 million last year, is projected to grow at a compound annual growth rate of nearly 17 per cent to exceed $3.48 billion by 2033, according to an Imarc Group report.
“The market is experiencing significant growth, mainly driven by increasing digital transformation, government blockchain initiatives and rising interest in decentralised finance,” the report said.
“With robust internet penetration and a tech-savvy population, the GCC is emerging as a key hub for cryptocurrency adoption and blockchain technology development,” it added.
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
CHATGPT%20ENTERPRISE%20FEATURES
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Founder: Ayman Badawi
Date started: Test product September 2016, paid launch January 2017
Based: Dubai, UAE
Sector: Software
Size: Seven employees
Funding: $170,000 in angel investment
Funders: friends
Gifts exchanged
- King Charles - replica of President Eisenhower Sword
- Queen Camilla - Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
- Donald Trump - hand-bound leather book with Declaration of Independence
- Melania Trump - personalised Anya Hindmarch handbag
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
12%20restaurants%20opening%20at%20the%20hotel%20this%20month
%3Cp%3EAriana%E2%80%99s%20Persian%20Kitchen%3Cbr%3EDinner%20by%20Heston%20Blumenthal%3Cbr%3EEstiatorio%20Milos%3Cbr%3EHouse%20of%20Desserts%3Cbr%3EJaleo%20by%20Jose%20Andres%3Cbr%3ELa%20Mar%3Cbr%3ELing%20Ling%3Cbr%3ELittle%20Venice%20Cake%20Company%3Cbr%3EMalibu%2090265%3Cbr%3ENobu%20by%20the%20Beach%3Cbr%3EResonance%20by%20Heston%20Blumenthal%3Cbr%3EThe%20Royal%20Tearoom%C2%A0%3C%2Fp%3E%0A
The Vile
Starring: Bdoor Mohammad, Jasem Alkharraz, Iman Tarik, Sarah Taibah
Director: Majid Al Ansari
Rating: 4/5
Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
Company%20Profile
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Company%20profile%20
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Honeymoonish
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BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
WORLD'S%2010%20HIGHEST%20MOUNTAINS
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Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
UAE currency: the story behind the money in your pockets
SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20Z%20FLIP%204
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The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
UAE%20ILT20
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How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
Innotech Profile
Date started: 2013
Founder/CEO: Othman Al Mandhari
Based: Muscat, Oman
Sector: Additive manufacturing, 3D printing technologies
Size: 15 full-time employees
Stage: Seed stage and seeking Series A round of financing
Investors: Oman Technology Fund from 2017 to 2019, exited through an agreement with a new investor to secure new funding that it under negotiation right now.
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
Company%20profile
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Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
The%20specs
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Stree
Producer: Maddock Films, Jio Movies
Director: Amar Kaushik
Cast: Rajkummar Rao, Shraddha Kapoor, Pankaj Tripathi, Aparshakti Khurana, Abhishek Banerjee
Rating: 3.5
