Doha – The cryptocurrencies issue of has imposed itself strongly on the discussions of the second day of the Qatar Economic Forum, which is being held via video communication technology, under the slogan “Reimagining the World”.
The participants in the discussions of the forum, which is held in cooperation with Bloomberg, stressed that although digital currencies are facing a real storm at the current stage, as well as many countries’ efforts to tighten the screws on them, this type of currency has become a reality that cannot be overlooked or ignored, especially as it is It grabs a large part of the investors’ attention. Read also Experts: Qatar Economic Forum is a new global platform for exchanging ideas and solutions With the participation of a global elite of more than 2,000 people.. Qatar Economic Forum opens its sessions today Qatari Prime Minister: Preparations for hosting the World Cup in Qatar are progressing at an accelerated pace Prince Tamim inaugurates Qatar Economic Forum under the slogan “New Horizons for Tomorrow”
These discussions about the future of cryptocurrencies come in light of the frequent news of the collapse of the market value of virtual currencies globally in early trading, today, Tuesday, as its market value lost 49.5% of its value in Tuesday morning trading, compared to its peak recorded last April, amid expectations More declines this month.
Many experts believe that these currencies will gradually replace the paper currencies that the global economy has used for centuries, due to the many benefits that these currencies provide, but there are many analysts who highlight the risks of dealing with these currencies and the negatives that they may contain.
Commenting on the recent call by the Chinese central bank to some banks and payment institutions, urging them to crack down on the trading of digital currencies, Michael Novogretz, CEO and founder of Galaxy Digital, says that cryptocurrencies may be considered a luxury in developed markets, but they are essential. In emerging markets, it has been described as a “fundamental human right”.
For Zhang Bing Zhao, founder and CEO of leading crypto exchange Binance, China’s reversal of bitcoin is not the first nor will it be the last.
He pointed out that there are many people working in digital currency mining in China, expecting that the pressures currently facing cryptocurrencies will not last for a long time.
He pointed out that El Salvador’s tendency to support the digital currency “Bitcoin” may later turn into competition between governments, especially in small countries.
For his part, Jim Ovia, Founder and Chairman of the Board of Directors of Zines Bank – Nigeria, said that more than 50% of the African population does not deal with banks, which creates a successful working environment for fintech companies, especially in Nigeria, stressing the need for banks to support fintech companies. In Africa.
In this context, Henry Arslanian, Assistant Professor at the University of Hong Kong and President of PwC Crypto Leader, said that dealing with cryptocurrencies requires great cooperation at the level of countries and institutions in order to find the necessary and very important legal legislation to regulate dealing in these coins.
Arslanian added that what we are witnessing so far is unregulated dealings, subject to market fluctuations, and it is sufficient for a person like billionaire Elon Musk to submit a statement to cause the value of these currencies to decrease or rise dramatically, and this leads to large fluctuations in the prices of these currencies, and makes many people Reluctance to adopt and deal with them.
For his part, Nick Carey, founder and director of Blockchain.com, pointed out that El Salvador has adopted “Bitcoin” as an official currency, and thus is the first country in the world to adopt digital currencies in its financial dealings, which gave momentum and a great positive boost to these currencies at the international level.
Carey said that the adoption of a poor country such as El Salvador, “Bitcoin” indicates the many benefits that third world countries will derive from the adoption of these currencies, as this will provide many jobs in these countries that suffer from unemployment, and help provide financial inclusion for tens of thousands of people who work outside the formal economy. As well as its ability to help the citizens of these countries, many of whom live and work outside the country, to send remittances to their families and countries without intermediaries.
Corona and cybercrime
The second day of the Qatar Economic Forum, in cooperation with Bloomberg, witnessed on its second day a discussion of a number of important topics and issues related to the world’s economies in light of the Corona pandemic “Covid-19” and its aftermath, and business expectations after the rapid entry into everything that is digital.
Speakers on the agenda touched on the potential for risks in a highly interconnected world, whether the Internet of Things, artificial intelligence and 5G would help companies affected by the pandemic enter digitally driven industries, as well as review the opportunities looming in this context, and the price at which It is expected to be incurred by society.
The discussions dealt with the shock that the Corona epidemic left on the overall lives of people and the economies of the world, and its impact on generations, the rich and the poor, old and young, and what they can do to re-evaluate their lives again.
Among the topics on today’s agenda is what is related to cybercrime and the extent to which insurance companies are able to protect people from comprehensive electronic risks, in addition to addressing the topic of cyberspace and the era of the Internet of things and industry, and what can be done in this regard in a world where everything becomes interconnected and everyone is at risk.
Among other things, discussions will be devoted to talking about the role of the State of Qatar in global trade flows, international affairs and its culture in the past, present and future, as well as the topic of supply chains in the post-pandemic world and the future of air travel, after airports that were bustling with movement turned into virtual mausoleums while they lost Millions of people working in the aviation sector around the world find their jobs. https://cdb6489641b04d1dc9f6dbdc6c0baea7.safeframe.googlesyndication.com/safeframe/1-0-38/html/container.html
Today’s sessions will also discuss topics related to vaccines, lifting travel restrictions and reviving the aviation sector vital to reviving the world economy, and other issues such as the link between the economy and security, the new security model, digital electric transport, commodity economy and real estate, energy transformations, sea and sky corridors and land roads as the arteries that move global trade .