Governments can’t afford to be nostalgic about cash in the age of crypto

SourceArabian Business
SectorFinancial Markets
CountryMiddle east

It’s been a busy couple of weeks in the world of cryptocurrency. As the values of Bitcoin, Ether and their lesser-known counterparts continue to fluctuate, investor interest continues to rise – as do security concerns for traditional currencies and the economies built around them. Hussain Al Alawi, International Partner and member of the Global Advisory Board at Zurich headquartered M&A advisory MilleniumAssociates believes it’s time for the region’s governments to accelerate their Central Bank Digital Currency (CBDC) programmes to stay one step ahead.

The rise of cryptocurrencies is a serious issue for governments.

As yet, there is no clear model to protect national currencies in this strange, new, decentralised world, and some of the world’s brightest minds are pondering regulatory and fiscal responses and how actions taken today could positively or negatively impact a nation’s wealth over the coming decades.

It’s therefore no surprise to see global responses range from the bullish to the sluggish. China has been eager to more...