Cryptocurrencies, and in particular Bitcoin, have been making headlines lately, but several surveys have shown that there is still a global lack of understanding about what they are and how they work. The AIBC summit was recently held in Dubai to try to bridge that knowledge gap and Jason Simon, a FinTech and cryptocurrency expert, discusses how the country is helping increase cryptocurrency awareness around the world.
One of the key purposes of the AIBC summit was to emphasize empowerment. This is the only way that the crypto community and the blockchain can one day be accepted by the masses. Already, across the globe, some businesses take cryptocurrency as payments, but overall mainstream acceptance is still limited. Says Simon, “Dubai is proactively trying to change the level of knowledge regarding cryptocurrency everyone. As an example, it recently launched the DMCC cryptocurrency center, an initiative that offers access to facilities, capital, resources and opportunities to cryptocurrency firms everywhere.”
Events like the AIBC summit this past May and the one to be held in Malta in November bring together key individuals and brands from artificial intelligence to blockchain to discuss and create the future of emerging technology. Although critics claim that cryptocurrencies are unstable and pose a risk for investors who aren’t protected by regulators, the ecosystem is becoming much more controlled and patrolled, providing the same guarantees found with other investment spaces. However, because Bitcoin was initially created to be a currency, not an investment vehicle, public campaigns to raise awareness are now shifting to focus on that original goal.
Some banks, financial services companies and governments are embracing cryptocurrency, and El Salvador just announced that it is now legal tender. However, plenty of other countries and private entities aren’t yet ready to make the switch. For those investing in and using cryptocurrency, they see digital currencies and how they work as the future, which continues to help the ecosystem mature.