Cryptocurrencies

A simple online search on digital currencies returns a result of 2096 registered crypto-currencies being traded worldwide, with the number rapidly growing. In the near future, we will depend on Artificial Intelligence technologies to keep record of the best cryptocurrencies out there in terms of value. It has been said that the world of “Blockchain” and digital coins is the best invention made to mankind since the era of the Internet.

Until recently, I thought that the “Bitcoin” and two other cyrptocurrencies were the only digital currencies being traded worldwide. I was wrong. Digital currencies are highly competitive that they would undoubtedly replace traditional currencies. It is not my intent to mislead our readers or prompt them to do an online search themselves, but a quick lookup or ongoing monitoring through any search engine would always respond back with an increasing number of digital currencies. The real question is not about the number of digital currencies in the world, but rather is where are we from this development? And where are the Arab digital currencies talked about by Arab economic officials?

In recalling the competitive period of smart applications development that accompanied the emergence of smart phones, “Ballot” and “Kout”, which are specialized gaming applications, were funnily among the highest Arabic downloaded applications. At the time, I was hopeful about investing in an Arabic smart phone competing with Apple, Samsung and Huawei, but this never happened and to this day we are watching the world approach “Blockchain” and related technologies in a mute mood. This failure is partly due to our lack of research centers focused on developing and enhancing smart phone applications.

The reluctance to enter the world of digital currencies is well understood, especially those that hide the identity of the owners and trading platforms, coupled with the fact that they swim in the digital space without decentralization from internationally accredited organizations such as the central bank. It makes sense to move away from a seemingly suspicious activity that does not follow an official central entity, risking personal investments to be jumbled with criminal organizations that are constantly looking for ways to launder their finances.

Yet, even if there is a risk in investing in “Blockchain” and digital currencies, the time to study the challenges and overcome these risks should not put us in the category of lagging countries in joining the race. We are confident that the competencies in the Arab world in various fields are comparable to global capabilities. The UAE young men and women who have launched “Khalifa Sat” presented a proud and excellent example of a successful 100% emirati experience. In the world of digital currencies, we expect to soon boast about an Arabic digital currency traded to buy Arabic products that have become world-renowned.

Yasir Almahri

2018/11/04