Ryan Taylor, the Chief Executive Officer of Dash Core Group has revealed in a recent interview that the necessary future of money lies in the central bank-issued cryptocurrencies, describing it as being the “inevitable future,” to achieve the necessity demands that people “will decide what form of money they want to consume and use as part of their lives.”
Ryan Taylor’s Submission
Taylor highlighted the perks of central banks issuing a cryptocurrency, but there are still uncertainties about the reaction of the market; this he revealed in an interview during the Money20/20 conference. The CEO further noted that the “free market can ultimately design the better money than the government.” He added:
“I do think it’s inevitable. They [governments] all are going — through either competitors’ pressure or through their own desires — to launch their own cryptocurrencies. But I don’t think it is where the greatest innovations will occur.”
According to Taylor, many governments around the world would eventually have a legal framework for the nascent crypto sector. Also “the smaller nations will move first as the risks [for them] are lower.” In the case of America, the CEO speculated that the US government would commence adequate regulation of the crypto sector as soon as 2019.
Why the Central Bank-Issued Cryptocurrencies?
Making a little reference to past event, in July, the Dash Core CEO gave his take on the pertinent issues which have been thorns piercing into the “skin” of the crypto sector. The CEO spoke about the security of virtual currencies and the possibility that these tokens could be regarded or categorized as securities.
Taylor also gave a concise response to the claims from Ethereum (ETH) core developer Joey Zhou, who called out the Venezuelan state-owned cryptocurrency Petro, in plagiarizing parts of its white paper from Dash, Taylor poignantly stated that he was not amazed by the situation. He was quoted saying;
“It is an open source code and using the word ‘plagiarize’ is quite difficult to apply, [but] there are significant portions they have copied.”
Practical Economic Tool
As it stands, analysts and experts in the cryptocurrency ecosystem have begun to ponder and question the economic practicality of central banks in issuing their tokens. Earlier this week, an official from the Bank of Japan shared his view on the subject-matter, his major point was that the central bank-issued digital currencies are not a practical economic tool owing to the fact that it would require the elimination of fiat money from the financial system in order to be effective.
Also, judging by the E.U. parliamentary research, it was discovered in July that solving the current issue of lack of competition in the crypto space could be mostly dependent on the issuance of central bank digital currency. The E.U later stressed that it had no plans to launch a digital currency soon.
Many have come to the conclusion that just like the world moved from gold bullions to using paper notes, the world is supposed to proceed into the virtual phase with state-backed tokens. In the realistic sense, maybe the paper notes haven’t overstayed their welcome just yet, more years to come, the idea of state-backed crypto tokens might be a popular opinion.