Dubai Police warns of cryptocurrency fraud and expects it will exchange cash

Dubai Police warns of cryptocurrency fraud and expects it will exchange cash

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Answer Dubai Police warns of cryptocurrency fraud and expects it will exchange cash

Dubai Police, which is currently investigating an international fraud case worth 300 million dirhams ($81.7 million), has issued a warning about the potential role of digital assets (cryptocurrencies) in facilitating crime in the United Arab Emirates.

Major General Khalil Ibrahim Al Mansouri, Assistant Commander of the Criminal Investigation Department at (Dubai Police), warned at a forum held on Sunday, September 16, that the lack of awareness in the UAE about the risks inherent in digital currency may help cybercriminals carry out fraud, money laundering and hacking operations in country.

According to police officials, large-scale and unmonitored electronic financial transactions will inevitably carry a high level of risk, and the UAE government should develop its legal and law enforcement system to deal with this expected threat.

Read:Iran Recognizes Crypto, Bitcoin and Cryptocurrency Mining Industry

Expectations of an increase in electronic money and the popularity of cryptocurrency in the UAE

At the event, Major General Dhahi Khalfan Tamim, Deputy Chief of Dubai Police and Head of Public Security in Dubai pointed out that the nature and prices of digital currencies make it impossible to provide guarantees of protection for investors. In light of this, he said, “the only possible course of action on the part of the government is to warn investors of the risks they may face.”

According to him; Electronic money will eventually replace traditional money (paper money), but this in itself does not mean that all digital currencies will achieve levels of trust as long as their source and tracking system is unknown.

A number of experts also spoke about the need for the United Arab Emirates to move proactively with encryption operations in order to pre-empt their potential spread as a tool of criminality. Dr. Saeed Al Dhaheri, Chairman of the Board of Directors of (Dubai Smart World), stated that instead of waiting, Dubai should take the initiative and establish a regulatory system to monitor electronic currency and prevent it from becoming a tool to facilitate crime. According to him, the high level of test-run failure within four months of construction – 56 per cent – is evidence that a significant part of this work is “rigged”.

Read:PayPal CEO: Demand for Cryptocurrency Is Much Higher Than Expected

In his speech, he noted, “For every successful digital transaction, there are five failed coins.”

Notably, many experts recommended the formation of a comprehensive legal system to regulate cryptocurrencies in line with the UAE’s blockchain strategy. To this end, they proposed the launch of a state-backed UAE currency, as well as amendments to existing anti-money laundering and terrorist financing laws to indicate that they also apply to the use of digital currencies and not just cash.

Contrasting opinions and statements

It is clear to the eye that the authorities in the “UAE” enjoy a real contradiction regarding the issues of confidential transactions and digital assets, and often conflicting messages are issued between them and each other for a few weeks.

Read:Privacy Browser “Brave” Expands and Supports Blockchain Networks Other Than Ethereum…Details Here

CCN reported in February that the UAE Securities and Commodities Authority issued an investment warning to investors in cryptocurrency ICOs known as “ICOs” in the country. Earlier, UAE Central Bank Governor Mubarak Rashid Al-Mansoori also stated that “secret transactions” are often exploited for illicit financing purposes.

However, CCN reported in December 2017 that the United Arab Emirates and Saudi Arabia had begun cooperating on a proposed cross-border digital currency. In February 2017, the government of the United Arab Emirates announced a partnership with IBM to finance a blockchain commercial project.

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