The Council of Arab Economic Unity of the League of Arab States issued a new study entitled “Electronic Payments and Digital Currencies”, which dealt with the variables imposed by modern technologies on concepts related to cash, and the role of digital currencies in shaping the future of global markets.
The book issued by the study – which was authored by Prof. Dr. Ali Muhammad Al-Khoury, President of the Arab Federation for Digital Economy, and advisor to the Council of Arab Economic Unity of the League of Arab States – discussed the opportunities, challenges, hopes and fears offered by digital currencies at the same time, by addressing the major transformations in The new global economy, the role of currency in the economy, the problems facing currencies in general and paper currencies in particular, payments and electronic currencies, the concept of government, commercial, virtual, encrypted and stable digital currencies, in addition to the advantages and risks of cryptocurrencies, the fluctuating values of commercial currencies, and the promotion that takes place on them.
The book also reviewed the international experiences of digital currencies, Arab experiences in this field, government positions on cryptocurrencies, the Facebook currency, the future of digital currencies and digital payments, in addition to the role of blockchain technology in securing financial transactions.
The book sets the expected model for the work of government digital currencies, by addressing the 9 main characteristics required for any successful digital currency system, as well as 8 basic components of the government digital currency working model, with an explanation of the mechanism of the model.
Among the most important recommendations recommended by the book is the need for the Arab world to unite to study and establish a digital currency according to a scientific and collective approach, in which the ruling priority is compatibility and integration.
The Council indicated that the newly issued book is an important reference for the Arab Economic Library; In light of the need for governments to keep pace with the changes that characterize our present world, by building flexible capabilities through which they can overcome sharp turns, of which digital currencies are one, in light of being one of the possibilities of the new world that has begun to appear and crystallize as a measure of economic progress, which requires governments to Vigilance and understanding of the possible future forms of their economies, and building their competitive capabilities according to them.