The first half of the year 2018 has not been kind to the cryptocurrency industry. However, despite the struggles, the chief executive officer of digital payment solutions firm PayTabs believes that virtual currency is here to stay.
“Cryptocurrency is here to stay. How this will happen? There are different dimensions and different directions where this will go. Keep in mind that until today, central banks are trying hard to ban [cryptocurrency] because they feel it is out of [their] control.”
While the majority of crypto investors still use digital currencies as a way to generate additional income, Al Jouf believed that the market has the ability to solve much bigger problems. The PayTabs CEO cited his company as an example by saying that the firm processes digital currency transactions in 10 countries across Asia as well as Middle East and North Africa (MENA). Al Jouf said that he believes that with the help of crypto exchanges in Asia, cryptocurrencies can provide the remittance industry with a much-needed boost. He went on to say:
“We’re working on a couple of projects in Asia on how to use cryptocurrency so that it’s still compliant with regulation. We’re working on speeding up the process of someone who wants to send money abroad from [Dubai] to the Philippines, for example.”
With regards to the impact of Blockchain technology, the primary platform for virtual assets, Al Jouf has some interesting things to say. He said:
“Blockchain [in its current form] is not doing anything. We need to implement it somewhere on our surface. You see a lot of people talking about blockchain, but there’s the question of why do you need to use blockchain and how you can implement it in your business. In Europe, many companies completely shifted their businesses to blockchain. We need some time in the region to see [that]… I see it progressing in some areas, but it will require some time.”
While there has been a general conception (or misconception) that businesses are not interested with cryptocurrencies due to is volatility, many still believe that virtual currencies can make a huge impact on how the world will view money in the future.
Apple co-founder Steve Wozniak also spoke in favor of Bitcoin earlier this week. He stated that he was hoping that the Satoshi Nakamoto currency will one day serve as the single global currency. Wozniak said this in response to statements made by Jack Dorsey, Twitter CEO and co-founder of payments processing company Square.
Dorsey reportedly stated in March that the world would have a single currency and that he believed that it would be Bitcoin. However, Ripple CEO Brad Garlinghouse contradicted by saying Bitcoin could end up being the “Napster of digital assets,” as it levels the playing field for greater things to come.