1. Dubai Police Chief: Digital Currency Will Soon Replace Cash Despite Hurdles
A senior Dubai law enforcement official has predicted that digital currency will soon usurp cash. Dubai has taken a progressive-stance on both cryptocurrency and blockchain regulation in recent years, with the highly-publicized Blockchain Strategy and state-level interest putting the United Arab Emirates considerably ahead of its neighbors in the sector. Lt-Gen Dhahi Khalfan Tamim, deputy chairman of the Dubai Police and head of general security in Dubai, said that hurdles to digital currency becoming mainstream remained in lack of public awareness and insufficient crime prevention tactics. Dr Saeed Al Dhaheri, chairman of digital smart services provider Dubai SmartWorld, thinks that for every one successful digital transaction, there are five failed currencies. UAE lawmakers could adopt soon formal regulations that are referring to both fintech and ICOs.
2. Ripples Sarbhai: Regulators No Longer Take the Blockchain Good, Crypto Bad Approach
Sagar Sarbhai, believes that blockchain technology and crypto assets are now being tackled more holistically by policymakers. Regulators are no longer taking a compartmentalized approach that takes distributed ledger technologies (DLT) such as blockchain in isolation from crypto assets themselves. Policymakers are recognizing there is a strong benefit that crypto assets bring. He pointed to the open-source protocol of the XRP ledger and its independence from the corporation itself, emphasizing that RIpple controls only 7 percent of the validator nodes operative on the network. XRP investors do not secure a stake or shareholder-like position when they purchase the asset and countries such as Australia, Philippines and Thailand have therefore all classified XRP as a commodity. In all probability, Ripple will soon launch a commercial application of its xRapid liquidity solution for banks.
3. Binance to Start Closed Beta Testing of New Crypto-Fiat Exchange in Singapore
Binance, the largest global crypto exchange, will soon start private beta testing a crypto-fiat exchange in Singapore. The testing will be launched on September 18. According to Finance Magnates, prior to posting the news on Twitter, Binance co-founder and CEO, Changpeng Zhao, first revealed the plans to launch the fiat exchange while speaking at a recent blockchain event led by crypto assets-specializing firm Cumberland. The conference also featured another disruptor of the industry — Tyler Winklevoss, co-founder and CEO of crypto exchange Gemini. While no further details have been specified, the crypto-fiat Singapore-based exchange will presumably support the local Singapore dollar, Finance Magnates notes.