Many express opposition to ‘digital Bahraini dinar’

TDT | Manama                                                      

The Daily Tribune – www.newsofbahrain.com

Reported by Zahra Ayaz

While the Central Bank of Bahrain (CBB) is planning to launch a trial of the digital dinar shortly, many people have expressed their disapproval of it on social media. The Executive Director of Banking Operations at CBB, Hessa Alsada, revealed that the bank has been working on this since 2018, and this move is part of the bank’s recovery plan.

A digital dinar is a form of digital currency that can be used for transactions. It is similar to cryptocurrencies like Bitcoin, but it is backed by a central authority such as the CBB. The digital dinar will be issued and managed by the CBB, and it will be used for everyday transactions like buying groceries or paying bills.

Many social media users took a stand and expressed the negative impact that digital currency can have on society. Fatema Shabib said: “The young can easily manage this digital lifestyle, but the elderly are still supposed to be allowed to use the cash.”

Nassmarg said: “Cash is universally accessible and accepted, relatively stable in value, and can be exchanged for goods and services without transaction fees." "It lends itself to privacy and anonymity.” Jaberswar said, “They will have the power over your money, it’s all about tracking and controlling your money."

"And people can hack easily.” Sabu Yemen said: “Digital currency can be tampered with by hackers, and not a lot of people can rely on digital currency, and it’s a bank strategy in response to inflation as their currencies are failing." It’s easy to make fake money.