The Dubai Police in a recent event in Dubai through Lt-Gen Dhahi Khalfan Tamim, deputy chairman of the Dubai Police and head of general security in Dubai, informed the public of security risks associated with cryptocurrencies. Tamim, however, believes that cryptocurrencies will replace the present fiat currency in the future.
Dubai Police Sensitizing The Public On the Associated Risk of Cryptocurrency
Like Michael Novogratz recently recognize the prevalence of cryptocurrency scams and hacks which could discourage many from making the necessary investment, the Dubai police also went about the same process of informing the public on the dangers inherent in cryptocurrency.
Lt-Gen Dhahi Khalfan Tamim, deputy chairman of the Dubai Police and head of general security, spoke on the security risks associated with cryptocurrencies and the importance of staying alert to such schemes in the crypto space in an event in the country recently.
The discussion features dangers of how cryptocurrency could be used to facilitate crimes in the United Arab Emirate. The program helped to raise the awareness of the public of how cryptocurrency could be used to perpetrate criminal activities in the country, especially related to fraud and money laundering.
Notably, similar to the assertion of Michael Novogratz, after recognizing the trend of scams in crypto, that it should not deter investment because it holds the future of investment, similarly, the Dubai police foresee cryptocurrency replacing the fiat currency in the nearest feature.
Lamim while speaking at the event stated that he believes cryptocurrencies will replace the fiat currency, however, he noted that cryptos would not receive the same level of trust, given to the fiat currency.
Major-General Khalil Ibrahim Al Mansouri, assistant-commander of criminal investigation department (CID) at the Dubai Police, also stated at the event that the volatility of cryptocurrency makes it impossible for the government to give investors protection. However, he noted that the best means of guiding investors is by warning them of its potential risk.
Dubai and Cryptocurrency Discussed at the Event
Other distinguished personalities at the event also lend their voices to the subject of cryptocurrency in UAE. Notably, Dr. Saeed Al Dhaheri, chairman of the Dubai SmartWorld project stated that Dubai should get focused on providing a regulatory system for monitoring and tracking cryptocurrencies. This he believed will disrupt the rate of cryptocurrency use for criminal activities.
Also, general view of the event agrees that UAE should engage cryptocurrencies more to prevent its use for criminal activities, while some also proposed a national cryptocurrency project for the country.