Cryptocurrency is being rapidly adopted across the traditional world of finance. In the UAE, digital currency could see swifter integration within the next two years, according to Mohammed Al Hakim, Crypto.com President, UAE Operations.
The Future of Crypto
Speaking during a session on The Future of Crypto at the annual Sharjah Entrepreneurship Festival (SEF), he said, “In the next two years, people in the UAE should be able to use cryptocurrency for everyday transactions.”
He highlighted the clear upward trajectory in crypto uptake in Japan, Singapore, and Switzerland, adding, “change is happening quickly here in the UAE. I would love to see someone paying for coffee using cryptocurrency, or buying land, paying rent, fines, or utility bills all through crypto.”
Al Hakim further noted that his firm is currently in discussions with Emirates Petroleum to explore how crypto could be used to pay for fuel at petrol stations.
Virtual Assets Regulatory Authority
Addressing trust issues around cryptocurrencies, Al Hakim praised the UAE authorities for their forward-thinking stance on regulations and the establishment of the Virtual Assets Regulatory Authority (VARA). “We have been able to offer a wide range of products and services in this region because of the flexible yet prudent regulatory framework,” he said.
Crypto.com recently partnered with Mastercard, marking another step in integrating the world of virtual currencies with traditional finance. The firm is also working to launch its first sukuk — a Sharia-compliant financial product — in the UAE, in partnership with Dubai Islamic Bank.
Al Hakim during his talk suggested the changing global dynamics could accelerate the mainstream adoption of Bitcoin and other cryptocurrencies.
“The world has changed significantly in recent years. Bitcoin might become a main reserve currency in the coming months or years. Whether this happens in six months or a few years, we cannot say for sure, but the crypto world has a very bright future.”
tanvir@dubainewsweek.com
