Blockchain and Cryptocurrency Is ‘Here to Stay and Impossible to Regulate at Large’ — CEO of a United Arab Emirates Based Bank

According to the chief govt officer (CEO) of the United Arab Emirates-based monetary establishment, Bank of Sharjah, blockchain and cryptocurrencies usually are not solely tough to manage however are additionally right here to remain. Despite this prediction, the CEO admits that many within the banking trade nonetheless don’t absolutely perceive this know-how.

A Revolutionary Technology

The CEO of Bank of Sharjah, Varouj Nerguizian, has mentioned the blockchain and cryptocurrencies usually are not going away however are prone to turn into a big a part of the banking system. Nerguizian, nonetheless, mentioned banks can solely absolutely profit from know-how after they deploy private or enterprise blockchains.

In feedback made throughout an interview with Emirates News, the CEO additionally defined how the blockchain can doubtlessly be a double-edged sword to monetary establishments which are trying to adapt to the post-pandemic panorama. He mentioned:

Blockchain is a revolutionary know-how that isn’t but absolutely understood by the banking trade at giant. While its software is simple to understand in sure areas like Know Your Customer [KYC] or the true property title deed verification, blockchain supposedly permits events to transact with one another with out the necessity for an middleman. This raises the issues of the authorities that want to monitor the exercise.

Concerning the way forward for blockchain and cryptocurrencies, particularly within the wake of elevated strain from regulators and governments all over the world, Nerguizian is quoted asserting that the know-how shouldn’t be going away.

“I personally consider blockchain know-how and by extension, cryptocurrency is right here to remain and [are] not possible to manage at giant. However, in UAE, jurisdictions like Abu Dhabi Global Market [ADGM] and Dubai International Financial Centre [DIFC] have provide you with crypto rules and would possibly in time be a big a part of the banking panorama as we transfer ahead,” Nerguizian is quoted explaining.

Digital Transformation

Meanwhile, the CEO is also quoted within the report expressing his perception that the banking trade had been headed for a digital transformation even earlier than the pandemic struck. As the pandemic unfold globally, extra corporations together with banks shifted to a apply the place staff labored remotely.

According to Nerguizian, when banks exploit their staff’ capacity to work remotely they’ll possible “reap future positive aspects and profitability.”

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