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Bitcoin poses challenges to central banks

September 17, 2017 1:21 PM
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Bitcoin poses challenges to central banks

Abu Dhabi – Mubasher: Arab Monetary Fund (AMF) chairman Abdulrahman Al Hamidy said on Sunday that the recent massive use of virtual currencies poses challenges to the central banks of Arab countries.

The trading value of the Bitcoin has reached about $100 billion in 2017, Al Hamidy noted during an Abu Dhabi event held by the AMF.

At the level of cross-border transfers and the claims of both the financial and banking sectors’ stability, central banks may face challenges due to the growing usage of bitcoins, he continued.

Several central banks have already started studying the issuance of virtual currencies for that purpose, the top official stated.

This came on the sidelines of the 41st normal session of the Council of Arab Central Banks Governors in Abu Dhabi.


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