Government’s involvement in cryptocurrency and acceptance of it thereof, has
Government’s involvement in cryptocurrency and acceptance of it thereof, has been quite a contentious issue so far. Many prominent crypto experts have taken a dig at governments and their need to protect the traditional system of monetization, as the primary reason for their unwillingness to accept cryptocurrencies.
One such comment has been recently made by Terry Duffy, CEO of leading derivative market CME Group. Duffy in an interview with Bloomberg has said that until governments begin to embrace cryptocurrencies, it will be quite tedious for prominent commercial banks to dip their toes into the market.
Nobody wants to get on the bad books of the central authority, and people will not dare to venture out into the crypto market if proper regulations are not in place. On being asked about his thoughts on BTC’s price, Duffy said that he is still unsure regarding BTC’s price hitting rock bottom.
The next topic that was brought up in the interview is the JPM Coin, which is a cryptocurrency that will soon be launched by JPMorgan, the United States banking giant. They are looking to introduce this crypto in order to increase settlement efficiency.
He added:
“The key to the success of any currency, whether it’s fiat or crypto, is going to be associated with the government. So I think the government needs to be more involved.”
Duffy has pointed out the change in JPMorgan Chase’s attitude towards crypto, and why that is responsible for a decision like this, to introduce a cryptocurrency of their own. Most banks and institutions were not willing to experiment with cryptocurrency, but with the passage of time, they are slowly becoming lukewarm to the idea.
This process of banks gradually accepting cryptocurrencies is only feasible because most of the countries are looking to introduce cryptocurrency and blockchain regulations for the various companies who are willing to trade in them.
It is indeed imperative that governments be more accepting towards crypto, for it to grow and develop.