Was the normal economic situation good enough to talk about concerning the need to return to it, or did we have a real chance to change to a better situation, where we stand together to achieve a better situation than before?
In the art of thinking and in the business world, there is a concept which refers to a problem in its context as “opportunity”, where the problem is an opportunity to see different schools that are obscured by the illusion of sufficiency, when in the context of the “normal” situation, and to the extent that the world faced this in all sectors, from the collapse of the economy in 2008, as much as it was able to look at other angles that were in the context of the normal situation unforeseen, the problem was an opportunity. Yet, the opportunity that formed the features of the fetus in the womb, that fetus was only part of the system, for that which the world is experiencing today is the “knowledge system”.
While the two-chamber system is the finest of humanity, in the context of governance systems, the knowledge system is the finest that the world has reached in the context of totalitarian regimes, and technology is the best manifestation of the advancement of the human mind throughout its history.
Given the repercussions of the 2008 global economic crisis, and the reasons for its emergence, we find that the black economy and financial corruption have been the most important of these reasons, and those causes have brought digital currencies to the surface, before which they were merely talked about, edited by those interested, and with a written perception on paper.
Digital currencies have since emerged as the most effective remedy that could solve the repercussions of the global economic meltdown. The crimes of currency counterfeiting, the problem of centralization, the intermediary, or third party, in the world of banking transactions in all their forms, and the money laundering offences through which they are often carried out, in addition to many manifestations of the black economy, which led to the collapse of the world economy and the total paralysis of its movement, as a result of which the awareness obtained was one of its most important tools, and one of those most important tools was consistent with the demands of technology. Its style is a tool that has been relied upon as an economic manifestation that saves itself from the scourge of the black economy and mitigates its problems to the greatest extent.
In the same vein, the U.S. government announced a few days ago its digital currency Digital Dollar (Vidbitcoin) to be a store of value in both U.S. and global financial transactions, and to replace the traditional banknote – though at least, if not for the time being, it will undoubtedly be in the future, with a complete body and character.
Countries other than the United States of America had previously announced their alternative digital currency, rather than the traditional paper currency – the first in the Middle East and the Arab region, the United Arab Emirates, which launched its project in this context with the represented national digital currency, as well as its digital currency “M Coin”, supported by gold; then, in addition, there are banks within the borders of the State in partnership with banks in Saudi Arabia, banks which have developed digital currency projects to facilitate transactions among them, and have succeeded in this and succeeded in doing so – among them is the “Transient” digital project – and most importantly, the UAE is the global capital and the first market for digital currencies, where sales reached more than $300 million, surpassing the United States of America, which had been at the forefront of the market for a long time, and represented more than a quarter of the total money spent on cryptocurrency offerings until 2020.
Finally, it can be said that, to the extent that the global economic crisis has had repercussions, the more likely it is that this problem will become an opportunity to achieve more meaningful situations than the “normal situation”, which the world had before; similarly, the world must deal with the repercussions of today’s Corona pandemic and seize this real opportunity for change towards better alternatives, provided by this serious problem, and to modernize the mechanisms of dealings and instruments in all areas, including the financial currency sector. And to talk the rest.
Author : Manahel Thabet
Published March 05, 2021
Al Bayan Newspaper