BCT plans to set up blockchain lab in Tunisia (Chedli Ayari) | Tunisia News Gazette

BCT plans to set up blockchain lab in Tunisia (Chedli Ayari)

A Blockchain research laboratory will be set up by the Central Bank of Tunisia (BCT), governor of the BCT Chedli Ayari said Thursday on the sidelines of a forum on crypto-economy: entrepreneurship opportunities for start-ups and companies.

The blockchain, according to finance specialists, is a technology that can store and transmit information transparently, securely and without a central control body.

It serves as a large database that contains the history of all exchanges made between its users since its creation.

A think tank was set up at the BCT to study in the medium term the potential, the techniques and the place that the blockchain could have in the Tunisian system, he pointed out in this forum organised by the Arab Institute of Business Managers (IACE).

He added that the BCT seeks to organise a summit on the blockchain in Tunisia, without specifying the date.

For his part, IACE Executive Adviser Majdi Hassen reminded that the crypto-economy is the use of data encryption technology and documents in the economy and when applied in the financial field is called blockchain or a virtual payment method in which there will be no traditional means of payment such as credit card or m-banking (Mobile Banking).

He added that any service or product can be encrypted and marketed on the internet, an area in which Tunisia is lagging behind.

There are countries that have put a regulatory framework and a national strategy like Morocco and Egypt which now has a strategy called “cashless economy” and Tunisia should not lag behind.

Hassen recalled, in this context, that the Word Economic Forum has estimated that 10% of global GDP will be dependent on the crypto-economy by 2025.

In Tunisia, the crypto-economy can improve three things namely reducing the informal, as this technology reduces the use of cash, the main means of payment in the informal market, improves financial inclusion since the use of means of payment and the financial inclusion of the population is still low, besides a disparity between regions.

The crypto economy will also improve the business environment, he said.

To successfully implement this economy, Hassen emphasised the need to develop an appropriate regulatory framework for digital financial services, adding that the BCT has set up a think tank, but it is important not to take a lot of time because we can be overtaken by other countries.

The IACE Executive Adviser called for the development of the information and communication technology infrastructure and the use of the Internet which must be accessible in the whole territory, in addition to the consolidation of financial skills and knowledge because financial operators are called upon to have the skills to be able to support entrepreneurs.

President of the Professional Association of Banks, Ahmed El Karam pointed to the total absence and regulation for cryptocurrency whose advantages include speed, total absence of expenses of transfer, uncapped transfers covering the entire planet and all economic agents and secure data storage.

However, there are disadvantages with respect to current practices, particularly with regard to the aspects related to the identification of operators (who buy and who sell / the senders and the receivers).

This opacity may favor the financing of prohibited or illicit transactions and the use of encrypted currency for fraud, tax evasion and terrorist financing, he argued.

Source: TAP News Agency

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