Tuesday, June 25, 2019

Though A Great Innovation, The World Is Not Yet Ready For Cryptocurrency Says Kaspersky

Eugene Kaspersky, The CEO of Kaspersky labs a cybersecurity firm opined in an interview with Dubai based business publication Arabian Business that the world is not yet ready for the cryptocurrency. In his view, the world should be ready in the next 100 years.

The World Is Not Ready For Crypto

Kaspersky stated in the interview that cryptocurrency is a great innovation and he believes that it will eventually overtake paper money in the future. But for this to take place, he thinks that it requires a change in the world order. A single government world order instead of the different nation-states in the world would aid crypto adoption according to Kaspersky.

Also, before the single world order could be seen, Kaspersky envisages a century. By then the world’s government will be one, states will unite under the government of the earth then there will be one currency. He noted that though other currencies may be available, the currency will be unified on a global scale.

Further, Kaspersky noted that today’s digital currencies such as Bitcoin among others could not replace the current financial system. However, the future financial system will utilize ideas and techniques of the present digital currencies with little modification and leveraging on the blockchain technology.

Countries and Crypto Adoption

Meanwhile, Kaspersky had previously praised cryptocurrency in 2015 while he equally envisaged growth of government intolerance towards cryptocurrency. He noted then that he is certain that different countries will get to forbid the use of Cryptocurrencies because they are beyond their control. Also, he stated that authority would not pay attention as long as Cryptocurrencies do not pose a risk, and when it start supplanting national currencies, the ban will follow immediately.

This stage can be said to have been passed or ongoing at the moment in the crypto world. While some countries like China have banned crypto because of the threat to the national currency, many countries at the moment are introducing friendly crypto regulations for the industry.

Crypto Unifying The World

Jack Dorsey, a crypto enthusiast and CEO of Twitter thinks that cryptocurrency will be the unifying factor of the world in the future. This is most likely to be Bitcoin according to him as the world adopts a single currency.

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