Emirati Minister for Artificial Intelligence, Digital Economy and Remote Work Application, Omar Sultan Al Olama took part in a panel at the World Economic Forum in Davos, where he mentioned a term new to me:
Olama discussed the future of decentralized finance, or DeFi, at the panel. DeFi is a form of fintech whereby individuals can conduct financial transactions such as loans without intermediaries such as banks, relying on technology such as digital financial databases. DeFi uses blockchain technology similar to that of cryptocurrency.
Olama called DeFi the “least regulated” sector in the crypto world. He added that DeFi could become a “bubble,” meaning it will crash after seeing a quick increase in value.
“We are going to see some bubbles in the DeFi space in the coming future that will require a lot of government intervention,” he said. [AL-Monitor]
I should think that fighting advanced computer criminals will become tougher when the usual law enforcement tools that depend on access to financial institutions’ databases become useless.
