Embracing digital assets: Revolutionizing payment solutions in the Middle East

Shirley Pulis Xerxen 1 month ago
Embracing digital assets: Revolutionizing payment solutions in the Middle East

One panel during the final day of SiGMA Eurasia 2024, sponsored by BitCashier, brought an esteemed panel of experts to dissect the profound influence of digital assets, particularly stablecoins, on the region’s payment ecosystem. Moderated by Adam Levine, VP Corporate Strategy at Fireblocks, the panel discussion explored the nuances of digital currencies, their practical applications, and the transformative potential they hold for businesses and consumers alike.

From outlining the taxonomy of digital assets to the benefits of stablecoins for business transactions, the panelists discussed both the opportunities and challenges inherent in this field. With insights from Giles Whitby-Smith, CEO at Bitcashier; Dave Pulis, Director at ZBX Crypto Exchange; Julian Goffin, Founder & CEO at Lunulata and Avishkar Sharma, Head of Partnerships – Digital Assets & Web3 at Checkout.com, the discussion mere speculation, offering tangible glimpses into the future of finance in the Middle East.

The panel discussion provides a comprehensive overview of the role of digital assets, particularly stablecoins, in transforming payment solutions, especially within the context of the Middle East.

Taxonomy and Foundation

The discussion begins with setting the foundation by defining digital assets, including stablecoins, CBDCs, and cryptocurrencies. The panelists emphasize the importance of understanding these distinctions within the current monetary system.

Stablecoins for business transactions

Stablecoins, particularly USDT, are highlighted as ideal for business transactions due to their stability and suitability for cross-border payments. They provide a level of comfort and efficiency, especially in regions with volatile local currencies.

Benefits of digital assets in payments

The panelists stress the advantages of digital assets, such as stablecoins, in facilitating quicker, less risky, and cheaper transactions compared to traditional banking systems. They discuss the potential for T plus zero settlement and reduced reliance on intermediaries.

Challenges and regulatory environment

Despite the potential of digital assets, regulatory challenges remain significant hurdles. Governments are wary of decentralization and alternative financial systems, leading to increased scrutiny and compliance requirements, particularly for crypto-related transactions.

Coexistence with fiat

The panelists foresee a coexistence of digital assets and fiat currencies in the payment ecosystem. While digital assets offer innovation and efficiency, fiat remains predominant in current business operations. A gradual transition and regulatory acceptance are expected over time.

Long-term evolution

The panel acknowledges that the evolution of digital assets and their integration into mainstream financial systems will take time. They draw parallels with the gradual development of fiat currencies over centuries and emphasize the need for patience and support for the growth of crypto technologies.

Overall, the discussion highlights the transformative potential of digital assets, particularly stablecoins, in revolutionizing payment solutions, but also underscores the importance of regulatory clarity and gradual adoption for widespread acceptance and integration into the global financial landscape.

SiGMA Africa – only 2 weeks away!

With two weeks until the highly anticipated SiGMA Africa event kicks off in Cape Town, South Africa on the 11th of March, the gaming industry is abuzz with excitement. SiGMA Group recognizes the need to foster collaboration and innovation within the industry. By bringing together leading stakeholders and visionaries in gaming, SiGMA aims to catalyse progress and propel Africa and Eurasia towards a new era of prosperity and opportunity. As the countdown to the events begin, anticipation mounts for what promises to be two landmark gatherings of and trailblazers.

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