Blockchain and Cryptocurrency Is 'Here to Stay and Impossible to Regulate at Large'

According to the chief executive officer of the Bank of Sharjah, blockchain and cryptocurrencies are difficult to regulate.

Highlights

Bank of Sharjah CEO Varouj Nerguizian said cryptocurrencies are not going away but are likely to become a significant part of the banking system.
He said banks can only benefit from technology when they deploy non-public or enterprise blockchains.
The CEO also explained how the technology can potentially be a double-edged sword to financial institutions that are attempting to adapt to the post-pandemic landscape.
Despite this prediction, the CEO admits that many in the banking industry still do not fully understand this technology.
However, in UAE, jurisdictions like Abu Dhabi Global Market [ADGM] and Dubai International Financial Centre [DIFC] have come up with crypto regulations.

Read the original article