Ryan Taylor, the CEO of Dash Core Group, stated his beliefs that the central bank-issued cryptocurrencies are the “inevitable future,” in an interview with Cointelegraph on Oct. 23. Furthermore, he added that ultimately the consumers “will decide what form of money they want to consume and use as part of their lives.”
During the Money20/20 conference, Taylor conversed with CT about the advantages that central banks have in issuing their own cryptocurrencies. However, the key questions about how the market will react and what form will it take remain to be seen. Taylor also noted that the “free market can ultimately design the better money than the government,” elaborating, he said:
“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.”
Additionally, he predicted that crypto space will soon see regulation from governments all over the world, “the smaller nations will move first as the risks [for them] are lower.” According to Taylor, the U.S. government will start regulating the industry as soon as next year.
In response to the recent claims by Ethereum (ETH) core developer Joey Zhou, that Peru, Venezuelan state-owned cryptocurrency, has copied some parts of Dash’s white paper, Taylor says:
“It is an open source code and using the word ‘plagiarize’ is quite difficult to apply, [but] there are significant portions they have copied.”
Just earlier this week, an executive from the Bank of Japan stated, that the central bank-issued cryptocurrencies will not be a practical economic tool as in order to be effective, the digital currencies would require the elimination of fiat money. Contradicting this statement was an E.U. parliamentary study in July, that said that central bank-issued cryptocurrencies could be the “remedy” that could cure the current lack of competition in the crypto space.