The second and final part of the article
🏛️ Sixth: Government digital currencies (CBDCs): between digitization and control
In light of the increasing spread of cryptocurrencies, central banks have entered the fray, but from a different perspective. They are not seeking to eliminate digital currencies but to tame them through official alternatives.
✅ Advantages of central bank digital currencies:
Complete control over the money supply.
Reducing issuance and transfer costs.
Fighting money laundering and tax evasion.
Real-time monitoring of the economy.
⚠️ However, there are concerns:
Privacy violation: Every transaction can be monitored.
Exclusion of traditional banks: because people may deposit their money directly with the central bank.
The danger of political exploitation.
❓ Will it eliminate Bitcoin?
It is unlikely, as decentralized currencies like Bitcoin offer what government currencies cannot: freedom, resistance to censorship, and global openness.
🔮 Seventh: The future of digital currencies – where are we heading?
📈 Increasing adoption:
Major companies like Tesla, PayPal, and Visa have started accepting or supporting digital currencies.
Countries like El Salvador have adopted Bitcoin as an official currency.
🤖 New technologies:
Artificial intelligence in market analysis.
Decentralized finance (DeFi) offers loans and insurance without banks.
The metaverse and currencies linked to virtual worlds.
🔄 Can systems be integrated?
The closest scenario is a hybrid system
There are official digital currencies alongside decentralized currencies, each with its role and use.
🌍 Eighth: The Arab and Islamic world... between opportunity and hesitation
Despite the great economic potential, the Arab and Islamic region is still lagging digitally in this field.
✳️ Current situation:
Some countries ban trading (like Egypt and Algeria).
Other countries regulate cautiously (like the UAE, Saudi Arabia, and Bahrain).
Launching experiments with central digital currencies (like the 'Aaber' project between Saudi Arabia and the UAE).
💡 The golden opportunity:
Creating a unified Islamic digital currency that adheres to Sharia regulations.
Investing blockchain technology in sukuk and Sharia-compliant contracts.
Building an alternative digital financial market to the global usury system.
🧠 Analytical conclusion
Digital currencies are no longer a wild side experiment, but have transformed into a global economic force reshaping financial influence maps. While the world races to secure its place in this future, some governments stand hesitant… while others are proactive.
The opportunity is still available, but time is not on the side of the latecomers.
Will the currency of the future be decentralized and transparent, or centralized and regulated?
Will the Arab and Islamic world have a foothold, or will it be content to watch?