The CEO of Dash Core Group, Ryan Taylor, told Cointelegraph in an interview Oct. 23 that central bank-issued cryptocurrencies are the “inevitable future,” but it will be people who “will decide what form of money they want to consume and use as part of their lives.”
Speaking with CT during the Money20/20 conference, Taylor stated that central banks have certain advantages in issuing their own cryptocurrencies, but questions remain as to what form will it take and how the market will react. Taylor noted that the “free market can ultimately design the better money than the government,” underlining:
“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.”
Taylor also said that governments globally would start to regulate the crypto space very soon, and that “the smaller nations will move first as the risks [for them] are lower.” As well, Dash’s CEO made the prediction that the U.S. government will regulate the industry beginning as soon as next year.
In July, Cointelegraph also spoke with Ryan Taylor about the security of cryptocurrencies and the possibility for their categorization as securities.
In Tuesday’s interview, as a response to recent claims from Ethereum (ETH) core developer Joey Zhou, who called out Petro, the Venezuelan state-owned cryptocurrency, in plagiarizing parts of its white paper from Dash, Taylor said that it was not surprising, 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.”
Earlier this week, an executive from the Bank of Japan stated that central bank-issued digital currencies are not a practical economic tool, because they would require the elimination of fiat money from the financial system in order to be effective.
In July, however, an E.U. parliamentary study found that central bank-issued digital currencies could be a “remedy” for the current lack of competition in the crypto space.