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Cryptocurrencies will Replace Cash, Says Dubai Head of Police

A senior Dubai law enforcement official has predicted that cryptocurrencies would in no time replace cash, according to a report by Dubai-based Khaleej Times on 16th of September.
Lt-Gen Dhahi Khalfan Tamim who is head of general security in Dubai and the chairman of the police in Dubai gave the opinion on that cryptocurrency is a little away from being mainstream only because of the illicit activities that are perpetrated under its umbrella and the insufficient technology to track and curb it.
Tamim told the panel as he explained that people would continue to find it difficult to subscribe to the novelty of digital currencies as long as the source and tracking system remain relatively unknown.
The United Arab Emirate as a country is pro-cryptocurrency given its previous favorable laws and regulations in recent times. Compared to countries in the same sector, the UAE is far ahead of its contemporaries with significant landmarks like the blockchain technology and the level of involvement of the government in the affairs of digital currencies in the country. A lot of senior officials did agree with Tamim also, most of the opinion that the UAE should a “digital UAE cryptocurrency using blockchain technology.”
Not everyone was effusive in their evaluation of cryptocurrencies and the blockchain technology though, as some called for extra carefulness. The chairman of digital smart services provider, Dr. Saeed Al Dhaheri, subsequently suggested that the regulations must be made and enacted to curb the still young and inconsistent sector.
According to Dhaheri, the industry is still subject to countless frauds, and disheartening cases of people using digital currencies to commit crimes such as money laundering and drug trafficking.
Almost 60 percent of companies that traded in cryptocurrencies in the country was closed down barely four months after its launch due to them being fake. “For every one successful digital transaction, there are five failed currencies,” Dhaheri said.

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