During an interview with Coinnewsextra, Mohammed Naquibullah explains the role of Regulatory Bodies in Crypto Adoption.
Mohammed Naquibullah is an Islamic Fintech/Blockchain Forensics and Applied DLT expert. Mohammed Naquib is an ardent advocate of Decentralization, and is very active in this space in KSA. Based in Riyadh, Naquib is the official ambassador for Algorand and Hedera Hashgraph, and works full time with Huawei Technologies as a Technology Architect. Naquib also serves as the technical strategist of Malaysian based.
Speaking about his specialty, he said
“I take care of the strategic plans and expansion of emerging technology and blockchain”
He is an ambassador in Saudi Arabia and organizes series of workshops for university students.
CRYPTO REGULATORY BODIES
Crypto regulatory body is a public organization, private organization or government agency that is set up to exercise a regulatory function. This involves imposing requirements, conditions or restrictions, setting the standard for crypto activities, and enforcing in these areas or obtaining compliance.
HOW CAN THEY INFLUENCE THE ADOPTION OF CRYPTO?
Regulatory bodies regulate the cryptocurrency, the exchange rate, and the transaction securities. Their activities make it easy for anyone to perform any legal transaction.
“People should not be afraid of doing transactions to people who are not legal. They should be safe to transact. People are not afraid and they do transactions”.
This is how Regulatory bodies affect crypto adoption.
“the regulation and the type of policies that are implemented at this level (Regulatory bodies) are for the benefit of people like you and me. The intention behind that is so that we will be safe during our exchanges”
The regulatory bodies create an atmosphere that makes the adoption of cryptocurrency easy by implementing and funding the industry.
MASS CRYPTO ADOPTION
In Saudi Arabia, cryptocurrency has been banned. Banning in what sense?
Mohammed explained cryptocurrency banning
“Cryptocurrency is on the internet; it is not controlled by the government. So how can someone ban it?
“When we talk about a ban, it means the technology and transactions are not allowed.”
Cryptocurrency is not allowed in the middle east but exchangers find a way to use Cryptocurrencies. They use the closest exchange spot in UAE since UAE has gone far in crypto adoption.
With the ban placed on the use of cryptocurrency, there has been an effort made to ensure mass crypto adoption. Saudi Arabia has collaborated with the UAE to build a digital currency called “Eber” which can be used for government transactions only. Saudi Arabia monitoring agency has also started the experimental use of cryptocurrency.
Little do we know about other countries but generally Education, seminar, and workshops have been organized by both private and government organizations to encourage crypto adoption.
Crypto has been existing for a long time now but most people are still ignorant of what it can provide. No matter what the regulatory agencies are doing, try to get involved in the blockchain ecosystem.
There a lot you can do to get involved, we have the programming section, the business section, the ICT section, the accounting section, and even the advertising section. Make use of your skills in any of these areas.
“Don’t come in for money; don’t be greedy. The money will come. Learn the technology, welcome the technology. Try to understand how technology can improve our standard of living, how can it benefit society. When we learn these things, the money will come for sure.”
You should invest in your community not with the intention to make money but with the intention to benefit society.