Impending Central Bank Digital Currencies are the Inevitable Future: Dash Coin CEO
Impending Government-backed Cryptocurrencies Are the Future – Dash's CEO Ryan Taylor
As leading nations in the cryptocurrency space are mulling over the idea of a central bank-issued cryptocurrency, Dash Core Group’s CEO, Ryan Taylor, says it’s the “inevitable future.”
When issued, Taylor believes central bank-issued cryptocurrencies would have the edge over others. He made the comments in an interview with Cointelegraph, and commented that it is users who “will decide what form of money they want to consume and use as part of their lives.”
Taylor, however, raised questions about the shape the cryptocurrencies would take, noting 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 most significant innovations will occur.”
Taylor predicts that stronger economies like that of the U.S. may kick-off with regulations as early as 2019, however, “the smaller nations will move first as the risks [for them] are lower.”
The Dash’s CEO also highlighted the need for cryptocurrencies to become more secure and accepted as securities.
But a C-level leader in the Bank of Japan had stated that central bank-issued cryptos could not pass as an economic store of value and coexist with fiat currency currently.
Technologically, there are already fallouts in the attempt by some countries to create a cryptocurrency. For instance, the Venezuelan state-owned cryptocurrency has been accused by Ethereum (ETH) core developer Joey Zhou, of copying significant portions from Dash’s whitepaper. In response, Taylor said it he was not taken aback by the accusation stating that:
“It is an open source code and using the word ‘plagiarize’ is quite difficult to apply, [but] there are significant portions they have copied.”