UAE DMCC Future of trade report sees Blockchain, CBDCs and DeFi to play major role in Global Trade

Blockchain 

 CBDCs

Charles d’Haussy, Managing Director - APAC, ConsenSys who was interviewed in the report states, " CBDCs move most efficiently on blockchain pipes: 1 RMB from one central bank to another in blockchain, is exactly the same. By building blockchain infrastructure, you have efficiency. You have to look at the rise of the central bank digital currencies as a value chain. Looking at the value chain of finance and trade, everything starts with money. The beginning of this value chain process is starting to change with digital currencies, so everything in the ecosystem will be impacted." 

He adds, " Everything will adapt to digital money, which is far more efficient, accessible, programmable – and crucially – composable. In a unit of currency being composable, I can start to re-compose it in various ways that was previously impossible outside of the world of financial market derivatives. CBDCs are not about faster money – the world doesn’t need more fast money – the world needs a new kind of money that becomes programmable and composable. This will have a deep impact, triggering a movement from old systems to new systems. Markets will decide the pace of this change. Every country wants to transact but the financial regulations make it extremely complicated and expensive. In practice, with digital currency engines, I can create a new type of Dirham – one that would be available with the KYC of the sender."