Deputy Chairman of Dubai Police predicts that digital currency will replace cash
Lt-Gen Dhahi Khalfan Tamim, Deputy Chairman, Dubai Police, has predicted that digital currency will “soon” overthrow cash, as per a report by Khaleej Times from a panel that he was heading on Sunday.
He felt the main reason for digital currency having obstacles is because lack of awareness among the public and minimal tactics to prevent crime.
The panel took place since the Dubai Police are investigating a Dh300 million international fraud that involves the application of digital currency. During the panel, police officials cautioned the community from risks of large-scale transactions under electronic currency that are not under supervision. They stressed that these unmonitored transactions can expose users to money laundering, piracy, and fraud.
He also mentioned that there is no guarantee to protect investors from fraud or piracy. He noted that the increase in value of digital currency in the market cued different governments from different parts of the world to warn against the risk of trading these currencies. He also uttered that these currencies have no legal regulations that protect investors.
“Investigations show that gangs can use digital currency in suspicious financial transactions like money laundering, drug trafficking and funding of terrorist operations,” said the Lieutenant General
Though he had a positive approach towards electronic cash replacing fiat currency, he felt that digital currencies will be questioned since its source and info tracking system remain unknown.
Dr. Saeed Al Dhaheri, Chairman, Dubai SmartWorld, stressed that regulations need to be in place in an industry that remains confused and unsettled at the moment.
As per a report by BC Focus, the Securities and Commodities Authority (SCA) of the United Arab Emirates (UAE) has framed a set of regulations for supervising digital assets and commodities. Along with this, it has also provided a detailed picture of its plans and programs for the fintech domain.
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