The CEO of Dash says central bank issued cryptocurrencies are the ‘inevitable future’
Earlier on Tuesday, October 23rd, in an interview with Cointelegraph, Ryan Taylor, the CEO of Dash Core Group, stated that central bank-issued cryptocurrencies are indeed the “inevitable future,” however it would be the citizens decision regarding “what form of money they want to use as part of their lives and consume.”
Speaking with CT At the ongoing Money20/20 conference, Taylor was interviewed by CT during which he commented, “central banks do have certain advantages while issuing their own cryptocurrencies, however, it is not sure how the market would react to it or what form would it take.”
Taylor then highlighted the point that “free market can ultimately design the better money than the government,” further stating:
“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, he also said that the crypto space would quickly get regulated by governments globally, he also mentioned that “the smaller nations will move first as the risks [for them] are lower.”
The CEO also additionally predicted that the crypto industry would be regulated by the US government within the first month of 2019.
Back in the month of July, In an exclusive interview with Cointelegraph, Ryan Taylor gave his opinions regarding the possibility of categorizing cryptocurrencies as security.
Ryan Taylor also responded to the recent claims that came from Ethereum(ETH) developer Joey Zhou, who went on to publicly call out Petro, the Venezuelan state-owned crypto, for plagiarizing parts of its white paper from Dash.
Taylor said that this didn’t come as a huge shocker, noting:
“It is an open source code and using the word ‘plagiarize’ is quite difficult to apply, [but] there are significant portions they have copied.”
Additionally, back in the previous week, an executive from the Bank of Japan made an argument stating that, as central bank issued digital currencies would demand the elimination of fiat money from the financial system to remain effective it cannot be considered a practical economic tool.
However, according to the findings of an E.U. parliamentary study conducted back in July, it showed that for the current lack of competition in the crypto sector, central bank-issued digital currencies could be a possible “remedy”.