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Cryptocurrencies .. We reject or accept them?
Sami Al Riyami
reyami@emaratalyoum.comsamialreyami
July 15 2021
In one of the famous restaurants in Dubai, a sign was placed saying: “We accept digital currency payments.” Although this seems somewhat strange, as there are still no local legislation allowing dealing with digital currencies, but at the same time, there is nothing logical to prevent That is if the seller, in this case the "restaurant", is absolutely sure that he can obtain his right to this new technology, and that he bears full responsibility for taking this step!
In general, many warn of the risks of investing in digital currencies, including Western and non-Western government agencies, for example, the Financial Conduct Authority in the United Kingdom said: “Traders who invest in the cryptocurrency market must be prepared to lose all their money,” since there are many Of the risks that hover around this type of currency.
However, despite the widespread warnings, some economic experts believe that countries will never be able to address the spread of digital currencies, because, in short, they are the “future”, and they prefer this opinion due to the existence and the beginning of the spread of “Blockchain” technology, which is known as “Blockchain.” Blockchain, a shared, real-time, encrypted, and decentralized electronic ledger system;
To process and record financial transactions, contracts, physical assets, supply chain information, etc.
No single person or entity is responsible for the entire chain. Rather, it is open and everyone in the chain can see the details of each record or block, and track information over a secure network that does not require third party verification.
Blockchain technology helps maintain tamper-resistant lists of ever-growing data records, and enables the secure exchange of valuable materials such as money, shares or data access rights.
Contrary to traditional trade systems, without the need for a middleman, or a central registration system, to follow up the exchange movement, all parties deal directly with each other.
These experts confirm that “Blockchain” technology is the new era of the Internet, and no one can stop this technology from spreading, and they liken this stage just as it was the beginning of the Internet, the same is happening with “Blockchain” now, which is a stage that paves the way for a decentralized system of transactions Finance, far from the authority of central banks around the world!
Now what is required?
Is it useful to oppose, reject and prevent digital currencies, or is it required to prepare for a new stage that may not be far?
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