David Gibson Moore :The review extended to stablecoins, with Tether, the largest stablecoin, having a significant market value. However, the lack of regulation and auditing raised concerns, highlighting the tensions between cryptocurrencies and regulatory authorities. Stability risks associated with mass redemption of stablecoins in a currency crisis were also discussed, underscoring the potential impact on the global financial system.

David Gibson Moore :Regulation emerged as a crucial topic in the discussion. Federal Reserve Chairman Jerome Powell's acknowledgement of digital innovation's permanence was met with enthusiasm, albeit followed by the need for new regulations. The Bank of International Settlement's backing of central bank digital currencies as a way to offer unique advantages also aimed to address regulatory challenges.

David Gibson Moore :The panel didn't stop there; it delved into recent trends in the DeFi space, including the roles of digital exchanges, lending platforms, and decentralized autonomous organizations (DAOs). Participants even ventured into speculating on the likely developments of Web 3.0, showcasing the far-reaching scope of these technologies.

Overall, the panel discussion, meticulously facilitated by Gulf Analytica and David Gibson Moore, provided a first-class exploration of matters with great significance to the future of the financial sector. Attendees gained valuable insights into the complexities and opportunities arising from the rapid evolution of digital cash and cryptocurrencies in the Middle East and beyond.