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When digital currencies came to life in 2009, it was noticed by almost no one apart from a handful of programmers who followed cryptography discussion groups. Today, cryptocurrency plays a revolutionary role around the world, and is seen as a controversial medium of monetary exchange online.
Hamad Bin Khalifa University’s College of Law and Public Policy (CLPP) brought attention to the virtual currency’s impact in the Middle East, through a colloquium titled ‘The Regulation of Cryptocurrencies’. The discussion explored the potential disruption brought about by crypto technology and the political and legal implications of financial and technological innovation.
Guest speakers included, Mohammad Zebian, PhD candidate in innovation policy at the University of Toronto, and Dr. Yazan Boshmaf, Research Scientist at HBKU’s Qatar Computing Research Institute (QCRI). Attendees were educated on the intersection of finance and technology (FinTech) in the Middle East, and were provided with a better understanding of the actors, phenomena and dynamics of FinTech and the New Financial Order.
In addition, speakers generated awareness on the opportunities and challenges related to Blockchain technology, a technological innovation that has taken the form of various currencies, such as Bitcoin. At its core, the technology takes the shape of direct payment systems, one which works outside the existing, highly regulated funding system that is traditionally controlled by Central Banks.
The topic is subject to further exploration by HBKU’s student body, presenting them with a chance to evaluate all the legal repercussions involved and develop methods of counteracting them. All research efforts carried out by HBKU aim to protect consumers and investors in the digital market, by providing research based solutions to critical challenges faced in Qatar and around the world.