Cryptocurrencies are a golden opportunity for young people’s ambitions – Albilad newspaper

Jeddah – Iman Badawi

Specialists in the field of handling digital currencies have revealed that the mechanism of digital currencies is a high risk; Therefore, it is necessary to understand the techniques to deal with it and to be aware of those risks; So that the investor does not fall into the trap of this type of currency, and at the same time note that there are 6.3 million Saudi users of digital currencies in the Kingdom, and that most of them are young people between the ages of 25 to 35 . , and the percentage of digital currency users in the Kingdom reached 18% This is a large percentage, noting that 72% of Saudis are aware of these currencies.

At the outset, Eng Majed Ashari, the entrepreneur and investor in the capital markets, explained that artificial intelligence (AI) techniques had become noticeably used in the field of information security, and this permeated into various systems; Due to the speed and scope of business and reliance on automation, which is a natural development for its important role in simplifying operations and increasing their efficiency.

And if we look at the security aspect of trading operations in general and trading in cryptocurrencies in particular, we will find it important to increase the security percentage of the trader, and here appears the role of artificial intelligence to increase the level of security increase and increase. investor confidence in handling different platforms. As Ashari pointed out

For recent studies that have proven that any electronic attack or any security breaches that occur cause the trader to stop pumping money for a few months, and for the importance of increasing security and increasing the level of confidence among traders in digital currencies, may increase the interest in using artificial intelligence techniques to increase the level of security in trading operations across platforms Different, which if we look at it is a web application that is vulnerable to hacking and attack by the so-called hacker, such as any other websites and applications.

Use technologies
He added, “Therefore, it is possible to leverage and develop these technologies to implement security protocols faster and more efficiently to secure platforms against any attack, or security breach before it occurs, and to pre-determine the type of attack, and to address vulnerabilities. “which can be exploited and rectified more quickly before any piracy process takes place and increases the security rate.” Thus, increasing confidence in the trading of digital currencies through various platforms.

Regarding the youth group’s demand for digital currencies, he emphasized that the technological development that the world is witnessing, and the revolution that the world is technically experiencing, are targeting the youth group; As it is the most forward-looking group with ambition and curiosity for modern investment instruments, it also highlights what some studies have shown that the demand rate for digital currencies is increasing among young people between the ages of 25-35 years. He also praised the sources of information that many have developed and said: It has become easy to access information through new media like social networking sites, YouTube and others.

As well as the ease of investing and speculating in digital currencies through multiple platforms, the ease of opening trading accounts in these platforms, and the process of exchanging digital currencies without complex restrictions or conditions, increases the process of desire among young people to invest and speculate, and its purchase is within reach; Given the existing quantities exceeding the 5,000 coin limit at varying prices, young people see that they can achieve prosperity for themselves, despite their knowledge of the danger of it.

Information security
On the other hand, Khaled Sharbatly, Chief Investment Officer and Partner at Technology Group, explained the importance of information security; Because it performs very large tasks, in addition to going very deep into the information so that it protects users of digital currencies more, and due to technological development that we may see moving in digital currency trends in the future, the dollar or the euro may a digital currency! In general, digital interaction in life has become more common than anything else; It is therefore not surprising that currencies are evolving, but we will certainly not give up paper currency, it is necessary for currencies to be regulated by banks, either locally or internationally.

golden opportunity
Ahmed Salama, a former bank employee: Digital currencies can be a golden opportunity for investment, and we find that young people are one of the most popular groups in society for digital currencies, and this may be due to a lack of effort and smooth time, and many of those who have gone through this investment experience have said: It is profitable and brings money Especially if the investor is familiar and sufficiently familiar with the merits of the business, and I believe that the digital currency is independent of the paper currency, and one can not replace the other, and I do not think they can be merged in the future; It’s very difficult.

successful experience
Regarding the digital currency investor, Al-Jawhara Al-Olayan said: “Fortunately, she has had a successful experience in investing in digital currencies, but I do not advise the investor to risk all his money, but it is possible by ‘ a small amount that you can invest; So if you lose it, your budget will not be affected, and often the long-term investment is successful.
And she added: Recently, we have found a huge demand among young people for digital currencies, due to their belief in the future and in the “blockchain” technology, which consists of only two parties (seller and buyer), as there no control intermediary between them, and it is a technology that preserves the rights of everyone and is very difficult to penetrate .. and there are no any risks of using digital currencies; On the contrary, it is completely safe, but with regard to “speculation”, the person should be educated and a student of Japanese candles, and how to take advantage of speculation, and she continued: I see that digital currencies are digital assets, and they have nothing to do with paper money, and they will never be an alternative element to them.

Economic liberalization
In turn, Muhammad Al-Bashir, who is interested in digital currency, explained that digital currencies are being fought by some countries; Fearing that it will shake the status of its paper currency, especially if it has a currency that has weight and value worldwide, and some countries support it, and thereby feel economic liberation, while there are countries that can issue it as special currencies . only for governments.
Unfortunately, some suspicious parties, who trade in prohibition clauses that are not allowed to cover digital currency; As the source is unknown, and there is no oversight, Al-Bashir said: In digital currencies, the dollar could suddenly rise to seventy thousand dollars. One of the reasons for this increase is that suspicious parties can buy whatever the number is. ; The goal is for their currency to be safe from censorship.

control umbrella
Lawyer and legal adviser Abdul Rahman Fouad bin Mahfouz explained that the Saudi legal system does not have an explicit system that punishes the violation of digital currencies, but the Ministry of Finance has warned against trading in or investing in virtual currencies; Since they are not considered as currencies or assets approved within the Kingdom; Since it is outside the scope of the supervising umbrella, the person affected by the theft of his money must return to the platform on which it was traded, but in case of his loss there is no compensation for it; We must therefore raise awareness about this issue.

promises trap
While the lawyer and commercial arbitrator, Rabab Al-Moabi, explained: The Saudi Standing Committee has warned and warned citizens and residents in the Kingdom about the dangers of investing and dealing with virtual digital currencies; As it is not considered a currency approved within the Kingdom, and because it is not traded by authorized persons in the Kingdom, in addition to the suspicion of its use as a means of illegal financial transactions and by law prohibited, due to the presence of several negative consequences for traders and high risks; To be outside the scope of the surveillance umbrella in Saudi Arabia.

She added: A trap is set with promises to make financial gains and get rich quick by offering investment promotions and claiming that the platform is licensed by the official authorities in the Kingdom, which is not true but the victim can fall into a money. money laundering by financial transfer to unknown parties and among the prohibited entities; Therefore, the unlicensed digital currency market has high, high risks, the most prominent of which is that it is outside the regulatory umbrella, it has entered the Kingdom of Saudi Arabia, in addition to the consequences of exposure to large capital losses and fraud, and she continued: due to the limited information available to investors about investing in those currencies and the difficulty of understanding There are risks of individual investors, in addition to investment risks associated with the high volatility in the prices of these currencies and the uncertainty about the method of their evaluation, as well as operational risks arising from the possibility of electronic penetration. Those wishing to engage in trading activities should check the platforms licensed by the Saudi Stock Exchange; Where there is a list of the regular platforms, which are subject to oversight by the security authorities, with the importance of submitting a report on false advertising through the official website of the Saudi Arabian Monetary Agency and the Capital Markets Authority; To take the necessary measures with the relevant authorities, according to the jurisdiction.

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