The Future Blockchain Summit, the MENA region’s largest Blockchain conference and exhibition, today heard how cryptocurrency and Blockchain have helped to support its humanitarian efforts.
The Summit is hosting its 5th edition at the Dubai World Trade Centre (DWTC) from October 10th-13th October 2022, and is uniting diverse and disruptive innovators who will address all things blockchain – including regulations, cryptocurrencies and Metaverse.
Ukrainian government leaders told the Summit how the country has used Blockchain to significant effect in recent months, specifically how cryptocurrencies helped to facilitate aid for the Ukrainian army. Yulia Parkhomenko, Director, Digital Economy Directorate, Ministry of Digital Transformation of Ukraine said, “Ukraine has a strong blockchain community and a crypto-curious government. Our regulations enable businesses to work and attract investments into the economy.” Parkhomenko also discussed how the Digital4Freedom initiative aims to make Ukraine “the freest and most digital country in the world.
Aleksandr Bornyakov, Deputy Minister of Digital Transformation of Ukraine on IT Industry Development, Ukraine Government, added, “Ukraine raised over $60 million in crypto to fund its military and humanitarian needs during the ongoing geopolitical tension with Russia”.
During the summit, industry experts explored the tremendous opportunity for Web3, blockchain and digital assets in the UAE.
Balsam Danhach, CEO – MENA, FTX, said, “The region has played ‘catch-up’ with technology for years, but it has acted differently with Web3, blockchain and digital assets. In the UAE, there is potential in terms of talent, and we have a head start with regulations. Many sectors which were reluctant to enter the world of fintech due to a lack of regulations are setting base in the UAE as there is more clarity on regulations now. We have guidelines to follow in the region and the consumer is protected.”
Taking crypto to mainstream users
While the UAE is at the forefront of blockchain and digital assets, industry leaders feel that there is potential for more growth in the sector. Brian Yeoh, Director Fintech, ADGM, explained, “Crypto has not lived up to its potential yet because of three factors – use cases, audience and infrastructure. Crypto-natives are a minority and we need to go mainstream by easing the customer experience. With its ability to transact across borders easily and quickly, crypto has a huge potential in cross-border trade. Besides, the industry needs to address a mainstream user’s concerns and build confidence. Users need to be assured that they will be taken care of when they put money into a crypto asset.”
However, to realise this potential, mainstream customers need to be eased into the crypto world. Raj Dhamodharan, EVP Blockchain/ Digital Asset Products & Digital Partnerships, Mastercard, said, “The customer experience is fundamental in this space and there are two factors that can encourage more consumers to use digital currencies – it must be easy to use, and customers must trust have trust.”