Creating and preserving wealth is based on anticipating change, the only constant in the contemporary world of ever-expanding digital technology, suggested Stan Stalnaker, founder of the virtual currency, Ven and its affiliated social network, Hub Culture. He made the suggestion while speaking at a discussion hosted by the Capital Club Dubai, the region’s premier private business club and a member of the Enshaa group of companies, in association with Rupert Connor of Acuma Wealth Management.
He told participants that adopting virtual currency usage sooner rather than later could be beneficial - as it will be unavoidable in a few years time, much like Facebook, Twitter and online banking are today. “We were happy without them until a few years ago, but cannot now imagine a day without them,” he said.
Ven is the first virtual currency being used in the real economy. Unlike other virtual currencies used for online gaming and other activities, Ven is used in daily life at a network of Hub Pavilions and lounges, and is exchanged globally between members who have accounts. It is also used to purchase goods and services from the Hub economy, ranging from consulting to graphic design, gold and commodities to property.
“By adjusting the DNA of virtual currency we can use it for the benefit of society. Ven is a superior option for forward trading, as it is up to 50 per cent more stable than other currencies,” he said, adding that Ven is the only virtual currency backed partially by hard assets and available in the financial markets, via pricing from Thomson Reuters on over 500,000 terminals worldwide.
He also pointed out that the idea of traditional currency itself is set to be obsolete.
“We are heading towards a world where millions of corporate and individualised currencies will be part of a single market, and once their relative exchange value is fixed in real time, the days for individual currency will be over,” he predicted.
He said that Ven is not used for Foreign Direct Investment (FDI) so far, however, discussions have opened with several small countries who wish to explore bilateral exchange. “Response so far has been very encouraging. The day we sign any agreement will be a big achievement,” he added.
Talking about the Middle East, he said there is enormous potential in the region because of the steadily growing economy and its ability to work with larger world economies.
While Dubai will continue to be a virtual hub for time being, Doha, Qatar, will feature a popup physical hub by end of 2012, along with Brazil, Vietnam and France.
“We are always talking to potential partners to extend reach of Ven and to open a hub in Dubai. Until then, the currency is available online, and available for Dubai members to use” he concluded.