Cryptocurrencies, such as Bitcoin, have increasingly emerged as a disruptive force in the financial landscape, but experts warn that as the technology gains popularity, its potential impact on traditional financial systems should not be downplayed. The call was made on Monday, October 17, on the sidelines of the ongoing Gitex summit in Dubai, as world leaders, tech gurus, and investors mull taking the global landscape “on another level.” Over 6,000 exhibitors, Rwandans inclusive, are participating in the conference dubbed “The Year to Imagine AI in Everything”. ALSO READ: Rwanda researching on digital currency Convening the world’s leading crypto, blockchain, and Web3 experts, the blockchain session saw leading industry players sharing their perspectives on the feasibility of blockchain technology, particularly in the wake of the Web3 revolution. Web 3.0 revolution, experts say, is the next generation of the World Wide Web (www), where the focus is on data-driven applications and content. For Gracy Chen, Managing Director of BitGet, each region and specific country within them are very different. BitGet is a leading crypto exchange platform. “We know that the UAE and Saudi Arabia are two major Middle East countries driving the crypto influence and blockchain innovation and the two institutions, ADGM in Abu Dhabi and VARA in Dubai, are important institutions regulating blockchain and Web3.” ALSO READ: Central bank to pronounce itself on digital currency She pointed out; “One big issue we see in the Middle East is that although it’s a great regulatory environment and there is a lot of influence, especially in crypto, there is a lack of user base and developers, so it’s important to keep this in mind if you’re looking into this space. “Crypto is a bear market, it’s winter. But for us as a centralised exchange, we feel that crypto winter is the best time to build and it provides us with this golden window for growth. We want to inspire people to embrace Web3 and get to know more about Web3 and blockchain.” Learning phase Teana Baker-Taylor, Vice President of Policy and Regulatory Strategy for Europe, the Middle East and Africa (EMEA) region, urged a packed hall of participants at the Museum for the Future to assess the technology’s feasibility and governance, describing the momentum as “a learning phase.” “If you have two different market actors that are managing production requirements and conduct market risk in different ways, it makes it harder for partnerships to form. So I do think that there needs to be some similarity between machines, but they need to be very cognizant of the technological differences.” She added; “And so until we understand them better, I think most markets have said, we’re still in the learning phase. Similarly, with NF Ts, I think what the community needs to do is understand that there is going to be regulation. If you don't want to be on the receiving end of something that you don't like, then you absolutely have to be at the table. And, some of the ways that you are showing up at the table are boring — they’re terrible. Who wants to read 140 pages of a consultation and respond to it? That is part of my job. It’s not fun, but I do it because it's important.” Manal Bernoussi, Founder and Managing Director at Leaders on Purpose, called for a “unique” approach. “We need a unique approach to nurturing talent and in start-ups alike. Through this approach, we can successfully create an environment for developers, fostering growth and connections. It’s not just about financial investment, it’s about creating a space where talent can flourish.”
