Dubai Police Chief – Crypto Will Soon Replace Fiat Money

A higher-ranking Dubai law enforcement bureaucrat has forecast that crypto currency will “soon” replace cash, regional news outlet Khaleej Times reported. During a team dialogue, Lt Gen Dhahi Khalfan tamim, Deputy Chairman of the Dubai Police Department and Head of the General Security Department in Dubai, opined that the deterrents to turn cryptocurrency mainstream is a lack of public knowledge and credible crime prevention strategy.

The Times quotes Tamim. as saying

“…Faith in digital currencies will always be questioned as long as its source and tracking system remain unknown,”

Dubai has carved out a progressive-stance on both cryptocurrency and blockchain guideline in recent years, with the highly-advertized Blockchain implementation and state-level initiatives placing the United Arab Emirates significantly in front of its neighbors in the sector.

During the discussion, other higher-ranking figures reverberated Tamim’s enthusiasm, contending the UAE should make available a “digital UAE cryptocurrency using blockchain technology.”

Others were more cautious with Dr Saeed Al Dhaheri, chairman of advanced smart services provider Dubai Smart World calling for policies to be created for the naive, volatile industry. “For every one successful digital transaction, there are five failed currencies,” the Times cite him as saying. Last week, news emerged that UAE legislators would shortly approve formal rules pertaining to both Fintech and ICOs.