- AI is predicted to significantly boost cryptocurrency usage globally, said Changpeng Zhao, former Binance chief.
- Cryptocurrency transactions are more traceable, aiding law enforcement, compared to traditional finance.
- The US government’s new cryptocurrency legislation enhances its global digital assets leadership.
- He also stressed that Bahrain and the UAE are leading the world when it comes to regulating the crypto industry.
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.
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.
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Hepatitis is an inflammation of the liver, which can lead to fibrosis (scarring), cirrhosis or liver cancer.
There are 5 main hepatitis viruses, referred to as types A, B, C, D and E.
Hepatitis C is mostly transmitted through exposure to infective blood. This can occur through blood transfusions, contaminated injections during medical procedures, and through injecting drugs. Sexual transmission is also possible, but is much less common.
People infected with hepatitis C experience few or no symptoms, meaning they can live with the virus for years without being diagnosed. This delay in treatment can increase the risk of significant liver damage.
There are an estimated 170 million carriers of Hepatitis C around the world.
The virus causes approximately 399,000 fatalities each year worldwide, according to WHO.
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Once the domain of newspaper home deliveries, subscription model retailing has combined with e-commerce to permeate myriad products and services.
The concept has grown tremendously around the world and is forecast to thrive further, according to UnivDatos Market Insights’ report on recent and predicted trends in the sector.
The global subscription e-commerce market was valued at $13.2 billion (Dh48.5bn) in 2018. It is forecast to touch $478.2bn in 2025, and include the entertainment, fitness, food, cosmetics, baby care and fashion sectors.
The report says subscription-based services currently constitute “a small trend within e-commerce”. The US hosts almost 70 per cent of recurring plan firms, including leaders Dollar Shave Club, Hello Fresh and Netflix. Walmart and Sephora are among longer established retailers entering the space.
UnivDatos cites younger and affluent urbanites as prime subscription targets, with women currently the largest share of end-users.
That’s expected to remain unchanged until 2025, when women will represent a $246.6bn market share, owing to increasing numbers of start-ups targeting women.
Personal care and beauty occupy the largest chunk of the worldwide subscription e-commerce market, with changing lifestyles, work schedules, customisation and convenience among the chief future drivers.
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
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