The cryptocurrency world is still new to different economies. Though there are things being done to achieve regulatory clarity, regulators have different opinions regarding this niche. There are countries that banned the use of cryptos while there are those that have imposed stricter rules and regulations in order to avoid digital currencies to be used for money laundering, tax evasion, and other illegal activities.
The same is true for different CEOs and top business personalities. You have the likes of Bill Gates who think negatively of cryptocurrencies but like the concept of blockchain technology. As for PayTabs CEO Abdulaziz Al Jouf, he believes that “cryptocurrency is here to stay”.
Continue to Exist
Al Jouf believes that cryptocurrencies are going to continue to exist and could even gain popularity. He explained that “there are different dimensions and different directions where this will go. Keep in mind that until today, central banks are trying hard to ban (cryptocurrency) because they feel it is out of (their) control. If you think back to why cryptocurrency launched, it is because of the massive collapse in 2011.. (it aimed ) to make sure currencies and money are protected everywhere”.
Al Jouf also mentioned that cryptocurrency will stick around mainly because it is used by individuals in order to speculate and earn some profits. And since cryptos are known for wild price swings, trading digital currencies can double or triple your money in a short period. However, it can also backfire.
He explained that “People still use it for the fun of making extra bucks. Of course, it’s risky and anything new is risky. There’s a lot of hype on how to make money out of it. I’m sure you heard that if you had bought x amount of bitcoin.. You’re a billionaire today. But in reality, there’s a big issue on how to get this money out of the cryptocurrency industry”.
Regulatory changes are needed in order to make cryptocurrency more liquid. This allows cryptocurrency exchanges to operate seamlessly within a particular part of the world. And so far, there are companies that are now looking to solve this issue. For instance, Coinbase is willing to do the extra legwork in order to enter the Japanese market. They are also working with US Securities and Exchange Commission in order to avoid troubles in the future.
Al Jouf may think that cryptocurrencies are here to stay, but he believes that blockchain technology isn’t providing anything that is valuable to the world.
He said that “blockchain (in its current form) is not doing anything. We need to implement it somewhere on our surface. You see a lot of people talking about blockchain, but there’s the question of why do you need to use blockchain and how you can implement it in your business. In Europe, many companies completely shifted their businesses to blockchain. We need some time in the region to see (that)… I see it progressing in some areas but it will require some time”.
Blockchain technology is changing how companies do business. In fact, even some countries are now relying on blockchain technology for their economic problems.