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Tourism industry auteur's frustration over central bank's crypto hesitance

Mohamed Rehan
16 September 2022, MVT 06:28
Cyprea founder Ibrahim Saleem addressed on the importance adopting policies on cryptocurrency integration-- Photo: Fayaz Moosa | Mihaaru
Mohamed Rehan
16 September 2022, MVT 06:28

Prominent local travel agency, Cyprea's founder Ibrahim Saleem voices frustration on central bank's resistance on accepting cryptocurrency centric policies. Saleem urged to implement policies that will allow tourist properties to establish digital currency payment options.

The tourism industry veteran made the remarks at the Resort General Managers Forum held at Kurumba Maldives. Saleem soundly inquired for the hesitance surrounding cryptocurrency adoption.

He further claims he remains baffled over central bank's resistance to accept a globally famous financial instrument. Speaking about the importance for digital currency, Saleem made references to India, Singapore, China and Malaysia for their cryptocurrency adoption that has helped the countries to remain up to speed with contemporary currency evolution.

Speaking further on the topic, Saleem adds customers had a right to pay for their services through currencies of their choice - including digital currency options. The travel agency founder rejects any notion of limiting payment option for prospective travelers.

In his speech, he addressed SAii Lagoon and Hard Rock Maldives adopting cryptocurrency options for travelers earlier in 2022, noting it was a progressive step in financial exploration and evolution in the country.

Saleem's statements were echoed by Rifaath Jaleel, the chairman of First National Finance Corporation. Jaleel opined on the importance of policies crucial cryptocurrency inclusion despite Maldives Monetary Authority's (MMA) lack of literacy in the specific area. He stressed on the high financial literacy of tourists visiting the island nation as an argument to his statement.

Cryptocurrency took the world by storm when the first major digital currency Bitcoin broke barriers to reach unprecedented trade levels against the US greenback. Since then, financial institutions around the globe have invested into research in understanding various crypto-assets and their distinct funtionalities.

Meanwhile, major economies such as Russia and China are reportedly seeking viable cryptocurrency options as a means to step away from heavy reliance on the oil-backed dollar. The surge in the demand for cryptocurrency is reflected in the rise of their intrinsic value.

Most notable cases of digital currency demand was felt amid the Covid-19 pandemic, when in late-2020 trading levels for both Bitcoin and Ethereum, two of the biggest crypto currencies on the planet, shot through the roof to set new all time highs. Bitcoin prices that traded around USD10,000 around April 2020 went up to hit nearly USD60,000 before settling while Ethereum which had a previous high in the USD2000 range broke through its previous high's ceiling to trade over USD3000 before settling.

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