Welcome to Backstory, a weekly newsletter turning global technology shifts into a three-minute read. This week, we’re thinking about how digital currency has come into its own. The future is here – Mary Ames, Director of Strategy

THE BIG TAKE

A Future Without Cash

It’s been hard to ignore the incredible rise of Bitcoin and other cryptocurrencies over the last six months. Buoyed by concerns of inflation spurred by various stimulus programs around the world and a flood of institutional investment, cryptocurrencies have finally come into their own. While this might be good news for some, China’s announcement that it has created its own digital currency is a true barometer of things to come. Before we go any further, let’s take this time to say hello after our long break. Expect to see Backstory landing in your inbox every other Wednesday (and be sure to tell your friends). 

What’s the big deal? Digital money has the power to transform how finance operates. It’s far more secure than fiat currency and enables more control over the flow of money in a given market, which makes issues like tax avoidance much more difficult. China’s new digital currency, which works like a stable Bitcoin controlled by the Chinese government, is a major step forward for the digitalization of money around the world. It overshadowed a major announcement from Visa that it would handle USD Coin transactions – a stable digital currency – on its platform. Yet, while China and the United States race towards a digital money future, India is moving forward with plans to ban cryptocurrencies altogether. 

Digital is the future:All of these events point to an unavoidable future in which digital currency, whether crypto or state-supported, overtake fiat currency altogether. For a country like the UAE that finds itself at the heart of the global remittance market, this means that new digital platforms need to be a matter of national focus. The recent news that Stripe, the digital payments processor, has set up shop in the UAE is an encouraging sign of how the country is embracing the future instead of holding on to the past. The future of digital currency is a bright one and with the right amount of foresight, the UAE can hold on to its position as a global leader in remittances (of the digital variety).

QUOTE OF THE WEEK

“If you don’t believe it or don’t get it, I don’t have the time to try to convince you, sorry."

– Satoshi Nakamoto, the founder of Bitcoin

OUR VIEWS THIS WEEK

Remote work is here to stay: Not only is the newsletter back with fresh content but we back producing articles on all matter of issues. This week, we had a look at the state of remote work. We don’t know how long remote work is going to be a part of our lives but it’s certainly not going away anytime soon. We took a deep dive into how companies are dealing with the current remote reality and how the UAE might be able to capture some incredible global talent through its remote visa program.

Women in the 4IR: The Fourth Industrial Revolution. It’s here and it’s transforming the future of work. The coming transformation of labor could improve the position of women in the workplace. If we start a conversation about the role of gender in 4IR today, we can lay the groundwork for a more equitable future tomorrow. In this piece published by Xische, Mary Ames explores the issues at play. She argues that we must realize the invaluable perspectives women can bring to designing and regulating the future to explore the full potential of 4IR.

A MESSAGE FROM SPIDERSILK

Practical cybersecurity: In today’s online world, cybersecurity is a critical line of defense for any business. Enter SpiderSilk, a Dubai-based cybersecurity firm specializing in simulating the most advanced cyber offenses on your technology so you can build your best security defenses. Mitigating risk and protecting digital infrastructure can be achieved through the most advanced adversarial simulations and advisory services.

SPOTTED ELSEWHERE

Diet politics: No one is going to debate the seriousness of the climate challenges facing humanity. A more contentious issue is whether people are ready to adopt plant-based diets to help curb climate change. We aren’t going to take a position on this hot-button issue but there have been some interesting developments in the meat and cheese substitute space. This piece about how vegan cheese is being made to taste more like cheese and less like cardboard is fascinating. 

Watch out for lightning: Speaking of the environment, lightning is getting out of control in the Arctic circle. Ars Technica reports that lightning is becoming a common feature in the Arctic, which is very bad because lightning is a warm-weather phenomenon. They note that “to make thunderstorms you need a lot of heat. When the sun warms up the land, hot air and moisture rise in the atmosphere. Simultaneously, cold air in the system sinks. This creates a swirling mass known as a deep convective cloud, which in turn creates electrical charges that grow into lightning.” Something to ponder.

QUICK HITS

• A tiny particle could change the laws of physics. 

• The healing power of JavaScript, the programming language. 

• Is AI allowed to fail?

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