“Cryptocurrencies Are Here to Stay,” Believes Founder of Saudi Arabian Remittance Firm
According to Abdulaziz Al Jouf, CEO of Saudi based digital payments platform PayTabs, cryptocurrencies will succeed as an asset class regardless of the worldwide concerns around their unregulated and volatile nature.
Can’t Control, Will Ban
Speaking to the Arabian Business, Al Jouf said that he does not see digital currencies being banned as a whole and stated that cryptocurrencies have “different dimensions and different directions where they will go.” He added that the central banks and regulatory authorities are trying their best to ban the cryptographic form of money because, quite simply, it is something they can not control.
The PayTabs CEO believes that the very reason digital payments were launched was to protect the financial market in case of a collapse akin to the 2008 global economic recession:
“If you think back to why cryptocurrency launched, it is because of the massive collapse in 2011, [It aimed] to make sure currencies and money [are] protected everywhere.”
As of today, PayTabs processes all transactions for cryptocurrencies in roughly ten countries across Asia and the Middle East. Al Jouf said that most users make the digital payments to earn an “extra buck.” But, he also believes that the road to make cryptocurrency payments a norm will not be easy:
“I’m sure you heard that if you had bought x amount of bitcoin. You’re a billionaire today. But in reality, there’s a big issue on how to get this money out of the cryptocurrency industry.”
However, thanks to exchange houses in Asia, Al Jouf is optimistic about finding ways of using cryptocurrency to hasten the remittance process.
PayTabs founder Al Jouf
(Source: BW Disrupt)
Blockchain Shift Needed Soon
Al Jouf claimed that PayTabs is working on cryptocurrency projects in Asia, specifically to build a framework which ensures all activities involving the asset class comply with local regulations.
The entrepreneur is also optimistic about the potential of the underlying technology behind cryptocurrency payments. He sees blockchain technology as mostly untapped and states that it could be used in all industries around the world. Al Jouf added:
“Blockchain [in its current form] is not doing anything. We need to implement it somewhere on our surface.”
Al Jouf noted that a lot of businesses in Europe have shifted to blockchain-based platforms. Similarly, the Asian and Middle Eastern regions will experience a similar shift soon, but the entrepreneur added that “it will require some time.”