Head of Security in Dubai, Lt. General Dhahi Khalfan Tamim, stated he predicts cryptocurrencies will soon overtake cash as the mainstream payment systems in the country.

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According to Tamin, the main barriers for cryptocurrency to enter the mainstream include lack of public awareness and inadequate crime deterrence strategies.

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

During the event, other top senior officials within the nation told members of the media the United Arab Emirates (UAE) should develop a “digital UAE cryptocurrency using blockchain technology.”

Last week, rumors arose regarding UAE lawmakers adopting more protocols concerning fintech and initial coin offerings (ICOs).

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