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Looks like trying to squeeze another me-too crypto ICO solution that doesn't really fit into a problem that doesn't exist.

I don't like the idea of a government controlled crypto at all.
 

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Will generate some nice headlines I guess but given it completely contradicts what crypto currency was supposed to be about I can't see it taking off
 

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You can see why they're doing it - with the dirham pegged to the dollar, if Trump presses the big red button on North Korea, the dirham follows the dollar down the pan too. A crypto currency would give them control of value by controlling the exchange rate. But it would be a pain in the backside to keep charging your account before you pay bills and add an unnecessary extra step into an already flaky e-commerce system.

I'd concentrate on stability and uptime of the existing systems to bring e-commerce on par with the rest of the world. The number of errors you hit when you're trying to pay a bill over the net, direct debit system is unheard of, internet banking is waay behind, people still have to phone up to confirm electronic payments. I'd make the existing system less clunky, more reliable and trustworthy before adding another layer of not-quite-working bumph on top.

I do quite like the remittance cryptos, one of them has to come up trumps with a system where the chain of companies, governments and banks don't all get their hands on a slice of your monthly pie and make transactions cheaper and faster.
 

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You can see why they're doing it - with the dirham pegged to the dollar, if Trump presses the big red button on North Korea, the dirham follows the dollar down the pan too. A crypto currency would give them control of value by controlling the exchange rate. But it would be a pain in the backside to keep charging your account before you pay bills and add an unnecessary extra step into an already flaky e-commerce system.

I'd concentrate on stability and uptime of the existing systems to bring e-commerce on par with the rest of the world. The number of errors you hit when you're trying to pay a bill over the net, direct debit system is unheard of, internet banking is waay behind, people still have to phone up to confirm electronic payments. I'd make the existing system less clunky, more reliable and trustworthy before adding another layer of not-quite-working bumph on top.

I do quite like the remittance cryptos, one of them has to come up trumps with a system where the chain of companies, governments and banks don't all get their hands on a slice of your monthly pie and make transactions cheaper and faster.
Valid point on USD link but then given demographics here are people really going to want chunks of their cash in a Dubai only currency - they'll need to set exchange rates for it and you end up going back round the same circle.

I 100% agree on the e-commerce and internet banking points by the way, I've been shocked by the lack of functionality out here given the advanced nature of other elements of the country! Seems ripe for disruption by a fintech

On remittance cryptos its such a tough business. I worked with big remittance firms in my old role and the focus on them from an AML stand point means any crypto that started getting traction would suddenly be under a LOT of pressure.
 

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Discussion Starter · #7 ·
Doesn't it seem like all or virtually all digital is virtually inevitable, and that the world is moving in that direction in a way that's getting pretty fast? There are many drawbacks to paper, and of course I'm not counting hard assets that can also serve as money like gold, etc. Even if there are physical tokens to preserve a sense of "physicality" for people for a while, would they not be based on or backed by digital? Does anyone really think paper can last that much longer?
 

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What does it do that you can't already do with Mastercard and Visa? Apart from hand power over the currency to the government.

Crypto is a one of these world-busting technological advances with many uses, and this isn't one of them I'm afraid. Only available in one city at few select government approved outlets and at a government approved exchange rate. It defeats the object of crypto currency. Why not use an existing blockchain like BTC or LTC?

There is no paper money to back up the number you see on the ATM or on the internet, we're already 'digital'. Credit cards, Salik, Nol, Apple/Google/ Samsung Pay are all digital but cash still isn't going anywhere, especially when the taxi driver's machine isn't working, again. They'd be better off bringing the existing systems up to scratch rather than introducing another one.
 
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