ABU DHABI (ALETIHAD)
In an effort to deepen understanding of contemporary economic developments and their impact on the region, TRENDS Research and Advisory has released the eighth issue of its Economic Trends series titled “Cryptocurrency Security: Risks, Impacts and Lessons from the GCC Experience.”
The study highlights digital cryptocurrencies, which pose significant challenges and opportunities for the global economy.
Prepared by Emirati researcher, Dr. Eisa Younis Al-Balooshi, a specialist in contemporary security issues, the study examines the influence of digital currencies on the global financial system, with a particular focus on security challenges and regulatory policies within the Gulf Cooperation Council (GCC) and other emerging economies.
The study addresses a range of issues related to cryptocurrencies, including crypto-related crimes and the mechanisms to mitigate them to protect financial systems from misuse.
It also explores regulatory policies, analysing how various policies impact users, including individuals and national policymakers.
Additionally, the study assesses the implications of cryptocurrencies for users, detailing both the benefits and risks of using digital currencies.
It delves into the future of digital currencies, specifically examining the role of central bank digital currencies (CBDCs) and their potential effects on the global economy.
The study concludes that cryptocurrencies present an innovative alternative to traditional payment methods but come with substantial regulatory and security challenges.
It emphasises the urgent need for enhanced international cooperation to address these escalating challenges and underscores the importance of developing legislation that protects user rights and ensures financial system stability.