2024-02-10 09:50:32
“In Tunisia, the global trend towards the adoption of cryptocurrencies contrasts sharply with the local situation, where the use of traditional electronic payments is still not widespread. This disparity highlights the difficulty of understanding and defining Tunisia’s position in the current global cryptocurrency landscape,” explains Samir Ksibi, fintech expert.
“Bitcoin”, “Ethereum” and other altcoins offer Tunisians new investment opportunities. However, the regulations remain unclear and uncertainty reigns over the legal and tax status.
In this context, Samir Ksibi, fintech expert, explained to us that in Tunisia the cryptocurrency landscape is divided into two distinct camps. On the one hand, there are “individuals who have turned to cryptocurrencies, seeing them as an alternative to the traditional banking system and the restrictions imposed by exchange laws. These digital currencies also provide many people with unprecedented access to the world of finance, allowing them to invest in various stock markets that are now widely accessible to the general public. For some, it is even an opportunity to improve their financial situation,” he explains.
He adds, on the other hand, that the second camp concerns regulators in Tunisia, who, until now, have opted for a measured and cautious approach. “Their initiatives seem limited to understanding how cryptocurrency works and learning regarding it, rather than fully exploiting the opportunities and studying the various potential benefits for the national economy,” he says.
And added: “In short, each party finds its advantage in this situation: individuals continue to use cryptocurrencies outside the field of vision of regulators, and the latter remain in the background, avoiding getting too deeply involved in this innovative technology.”
According to Samir Ksibi, it is complex to precisely define the state of cryptocurrencies in Tunisia, especially when compared to the varied policies adopted around the world. While some countries have legally recognized Bitcoin as a national currency, like El Salvador and the Central African Republic, others view it simply as a means of payment.
Ksibi also mentioned that there are also places where Bitcoin is treated as a digital asset and subject to taxation. In Tunisia, this global trend towards the adoption of cryptocurrencies contrasts sharply with the local situation, where the use of traditional electronic payments is still not widespread. This disparity highlights the difficulty of understanding and defining Tunisia’s position in the current global cryptocurrency landscape.
The blockchain fog
To grasp the advantages offered by blockchain, it is essential to understand that it is a technology capable of solving various technical problems related to data processing, just like IoT, 4G, or AI technologies. Blockchain is not limited to the field of finance; it can be integrated into any computer system. According to Ksibi, its implementation has become relatively accessible thanks to the variety of frameworks and solutions available on the market.
“Beyond its key role in the emergence of cryptocurrencies, such as Bitcoin, blockchain has the potential to transform many other areas, such as agriculture, culture and industry, thanks to its unique capacity security and decentralization of data,” mentions the fintech expert.
The emergence of innovative companies
Still according to his analysis, “Tunisia has the necessary skills capable of piloting the implementation of blockchain technology in multiple sectors, such as agriculture, industry and finance. The key to this development lies largely in the willingness of businesses to modernize their systems, recognizing the productivity and competitiveness benefits that this can bring. In the field of cryptocurrencies, it is becoming imperative for Tunisian regulators to adopt a more liberal approach, moving away from their traditionally conservative posture. The adoption of cryptocurrencies might not only strengthen Tunisia’s attractiveness on the international scene, but also encourage the installation of international players in the country and thus benefit from a rapidly expanding ecosystem.
New shapes competition
Ksibi reveals to us that blockchain stands out as a key factor in the evolution of competition between global financial centers. This technology is not limited to being just another innovation; it radically transforms financial transaction and data exchange methods, bringing greater transparency, security and efficiency. In the Tunisian context, the integration of blockchain through a Central Bank Digital Currency (Mnbc) for the Tunisian dinar might be a major lever to stimulate financial innovation.
“Such a step forward would resolve several national issues, such as decashing and other monetary issues. The adoption of this technology might thus pave the way for significant advances, not only in the financial sector but also in the Tunisian economy as a whole,” concludes the expert.
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