Alain Zahlan De Cayetti – Is Bitcoin losing its byte ?

In the UAE, Dubai has announced that it will develop and implement emCash, an encrypted blockchain-powered digital currency enabling citizens to pay for government and non-government services. The crypto currency is being developed by a partnership of Dubai based Emcredit and UK blockchain company Object Tech.
Alain Zahlan de Cayetti, managing partner of CVML (Dubai), said the main driver to issue cryptocurrencies is the absence of heavy regulations or the clear the intent to bypass them.
Alike the US and EU regulators, the UAE is spending an immense energy, talents and resources in order to address the reality of virtual currencies whilst defining a common regulatory framework.
“Virtual currency is not likely to replace fiat currency. It is unlikely that it will remain totally unregulated even if, unlike other technologies, their raison détre is to perate outside the scope of a regulatory framework,” he said, adding that cryptocurrencies will flourish whilst continuing to be a special category of speculative and legally unsecure assets, until they become, very soon, apprehended by judges and legislators.
For more information : https://www.khaleejtimes.com/business/banking-finance/is-bitcoin-losing-its-byte

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