STANDPOINT by Atique Naqvi

  Scaramucci says strategic position makes UAE key blockchain and Web 3 player Syed Atique Hussain Naqvi, Davos Switzerland  lockchain and Web 3 are the future and that the UAE’s strategic position globally and well-designed cities of Dubai and Abu Dhabi make them critical players in the industry, Anthony Scaramucci, founder of SkyBridge Capital and former White House Director of Communications, told Executive Editor of TRENDS media Syed Atique Hussain in an exclusive interview. Expressing his opinion on the regulation of cryptocurrency in the US, Scaramucci said that the industry needs more regulation to prevent immoral and aberrant behavior. He emphasized the importance of blockchain industry leaders and associated individuals working with public servants to regulate the market. He also suggested a need for a regulatory body similar to the Securities Exchange Commission to prevent scams and immoral behavior. Excerpts: What challenges do the GCC countries — especi...

Cryptocurrencies have gained popularity across the world. Facebook revives Libra plans; Value of global crypto market to reach US$1.6 trillion While the Facebook is re-thinking its plan to launch digital currency Libra, India’s highest court has lifted a ban on cryptocurrency today. India’s Supreme Court on Wednesday allowed trading in virtual currency, cryptocurrency and the likes of Bitcoin. However, the court’s decision might be over-shadowed by the upcoming bill proposed by India’s federal government. The draft bill seeks to prohibit mining, holding, selling, trade, issuance, disposal or use of cryptocurrency in India, and the violation could result in hefty fines and imprisonment of 10 years. For now, the supporters of cryptocurrency may rejoice as the draft bill might come in a distant future and may be toned down a tad bit after Supreme Court’s decision. The court ruled in favor of the Internet and Mobile Association of India, which was representing the inter...

50% of government transactions to be on Blockchain by 2021. Government departments in the United Arab Emirates are adopting blockchain technologies faster than the private sector, and there are more than 30 projects under development as part of Smart Dubai initiative alone. As part of this initiative, Smart Dubai has launched a blockchain platform as a service to host government use cases, and over all there are more than 30 blockchain platforms under development. “Through this policy, government entities are encouraged to establish integration channels with the aim to improve functioning of services that cut across areas of responsibility of several entities, and increasingly to enable digital integration with the private sector,” the report said. Click here to read from the original article on Zawya news website - a Thomson Reuters company.