Dubai Police Predict Digital Money Will Replace Cash

At a recent event, Lt-Gen Dhahi Khalfan Tamim, deputy chairman of the Dubai Police and head of general security in Dubai addressed attendees about security risks associated with digital currencies, whilst also stating the importance on being aware of such risks as he believes digital money will replace cash in the future.

Police in Dubai were warning those about the dangers with cryptocurrencies and how they can be used to facilitate crimes in the United Arab Emirates (UAE).

Also in attendance at the forum on September 16th was Major-General Khalil Ibrahim Al Mansouri, assistant-commander of criminal investigation department (CID) at the Dubai Police. The overall aim of the talk was to raise awareness of how cryptocurrencies can aid criminals, specifically with fraud and money laundering. However, because of such a strong belief in the future of digital money, they believe it is necessary to raise awareness.

The money of the future

Because of how digital money is used, Lt-Gen Dhahi Khalfan Tamim believes that although digital money will replace cash, he does not believe that they will achieve the same level of trust as fiat money. As long as the source of funds and the sender and recipients of transactions remains unknown.

Major-General Khalil Ibrahim Al Mansouri, stated that the volatile nature of cryptocurrencies means it is impossible to offer protection to investors, and believes the only way in which the government can protect investors is by warning about the potential risks of making such an investment.

There were a number of other experts at the forum who also voiced their opinions on the UAE’s stance on digital currencies. With the general consensus being that the UAE should engage with cryptocurrencies to prevent them being used to aid criminal activities. Dr Saeed Al Dhaheri, chairman of the Dubai SmartWorld project believes that Dubai should focus on creating a regulatory system to monitor and track cryptocurrencies. He believes this would prevent digital money being used by criminals.

Experts also suggested the potential for a state-backed cryptocurrency for the UAE, which would coincide with amendments to existing AML and CFT laws, as well as forming a regulatory system for regulating cryptocurrencies.

It seems as though it is generally a positive statement of intent from the UAE, however, their is certainly an err of caution.

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By | 2018-09-19T09:52:20+00:00 September 19th, 2018|Cryptocurrency News|0 Comments

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