Blockchain Co-Founder Speaks On Cryptocurrencies At World Government Summit

Digital currencies/ cryptocurrencies/ virtual currencies have grown tremendously within a few years of its launch. While Bitcoin is the most used cryptocurrency, several other altcoins, such as Litecoin, etc have also come up in recent times. Digital currencies help in lowering transaction costs and facilitate swift international remittances.

Speaking on the second day of the World Government Summit, Nicolas Carey, co-founder and President of Blockchain, one of the world's leading digital wallet and software providers, said digital currencies such as Bitcoin  are set to transform how people pay for goods and services and move money across the globe, reported Emirates state news agency, WAM.

“There is a great deal of talk about financial inclusion, but there are 2.5 billion people on Earth who do not have access to a bank account,” Mr Carey said. “Even in the United States, one of the wealthiest countries in the world, 20.1 per cent of households are underbanked and 33 per cent of millennials do not expect to have a bank account in the next five years. If you combine all these people, with everyone who has access to the internet over smartphones, you can see the potential for cryptocurrencies.”

Carey noted that over US$1 billion has been invested in Bitcoin technology, and that it represents the largest distributive computing project in the world. He believes that cryptocurrencies will open up a new world of possibilities that impact people’s everyday lives.

Moreover, he said that bitcoin is also a transaction network that offers all the key requirements of a trusted currency – an alternative currency and a trusted ledger that can track transactions and chain of title and settlement with a high degree of certainty.

"Digital is part of everyone’s DNA. Digital money is a natural extension to the digital world. It offers frictionless and borderless transactions that are more open and more equal."

The fourth edition of the World Government Summit ran from February 8 - 10 at the Madinat Jumeirah in Dubai. The summit is the primary global forum dedicated to shaping the future of government worldwide. Each year, it sets the agenda for the next generation of governments with a focus on how they can harness innovation and technology to solve universal challenges facing humanity.