Governments cannot turn a blind eye to cryptocurrencies, according to the managing director of Masdar-based incubator Krypto Labs.
Speaking to Arabian Business in an exclusive interview, Dr. Saleh Al Hashemi said authorities should host and regulate the digital payments.
“You can’t not study cryptocurrencies. Governments should look at them very seriously. Even now, I transfer my money using mobile payments. It’s all digital,” he said, adding that cryptocurrencies have more features than cash and can be used to raise capital.
“Cryptocurrencies can be used for many things, such as crowdfunding and Initial Coin Offerings (ICO),” he said.
However, Dr Al Hashemi said there should be more awareness when it comes to the Blockchain-based forms of payment, which include the likes of Bitcoin and Ripple.
“Governments still need to understand [cryptocurrencies] more. Even [incubators] need to have awareness sessions [about them]. The government needs to find a way to host them so that nothing goes out of hand, because money has to be regulated," he said. “And if they find opportunities, they should apply them. They can’t go against the world. It’s very interesting."
Krypto Labs is an Abu Dhabi-based global incubator and co-working space for early stage start-ups. In 2017, it vowed to support 100 start-ups over the next three years with a $100 milliom fund back by the Abu Dhabi Financial Group (ADFG).For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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