Saudi central bank chief does not foresee destruction of banking system by digital currencies
Leading investors still view gold and dollar as a safer haven for investments than bitcoin
RIYADH: The verdict on cryptocurrency products and funds was mixed as CEOs, central bank chiefs, investors and policymakers exchanged views on the topic on the first day of the Future Investment Forum in the Saudi capital.
The three-day forum, which is themed “Invest in Humanity,” includes talks on artificial intelligence, robotics, education, healthcare and sustainability.
Taking part in a session on Tuesday, Fahad Al-Mubarak, the governor of Saudi Arabia’s central bank, said SAMA should have no involvement with crypto-assets as many of those who deal in them are criminals.
He did not foresee the destruction of the banking system by digital currencies but rather an expansion of centralized systems for regulating tender.
Bitcoin is the leading digital currency trading internationally, followed by Ether and Solana.
Regulators are still playing catch-up when it comes to how cryptocurrencies should be governed, Al-Mubarak said.
Having made his point, he noted that there has been a sharp jump in online banking during the coronavirus disease pandemic. “Before the pandemic, only 35 percent of bank transactions were electronic,” he said. “Now it’s around 55 percent.”
Hussain Abdulla, co-CEO of Qatar-based investment bank QInvest, said cryptocurrency products were not yet Shariah-compliant, and more...
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