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The Chief Executive Officer of United Arab Emirates’ Bank of Sharjah, Varouj Nerguizian, has said that although blockchain and cryptocurrencies are difficult to regulate, they are here to stay.
In a recent interview with with Emirates News, Nerguizian said that blockchain technology and cryptocurrencies will become a significant part of the banking system. However, he noted, blockchain is a potential double-edged sword for these financial institutions:
“Blockchain is a revolutionary technology that is not yet fully understood by the banking industry at large. While its application is easy to grasp in certain areas like Know Your Customer [KYC] or the real estate title deed verification, blockchain supposedly allows parties to transact with each other without the need for an intermediary. This raises the concerns of the authorities that would like to monitor the activity.”
Commenting on the future of blockchain and cryptocurrencies in times of increased pressure from regulators and governments, Nerguizian said that the technology is not going away.
“I personally believe blockchain technology and by extension, cryptocurrency is here to stay and [are] impossible to regulate at large. However, in UAE, jurisdictions like Abu Dhabi Global Market [ADGM] and Dubai International Financial Centre [DIFC] have come up with crypto regulations and might in time be a significant part of the banking landscape as we move forward.”
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