Cryptocurrency’s inevitable rise has made it one of the most talked about subjects this year on mainstream media, forcing industry leaders to share their views on the financial disruption caused by virtual currencies. Former US Mint Director, Honorable Edmund C Moy, featured in an interview to discuss his perspective on cryptocurrencies and the potential future of fiat.
The original Bitcoin whitepaper was published at the end of Moy’s tenure, and he had studied it as “a precursor of what could happen in the future.” He highlighted that unlike fiat’s proprietary financial highways, crypto had much more to offer. He said,
“I view this as a free market alternative to government’s monopoly on money. And by having it out there, we’ll eventually make fiat currency better. And, in the best case, provide a viable alternative for people to use on a regular basis.”
Going against the traditional “either/or” notion between crypto and fiat currencies, Moy said that both currencies can get better by co-opting each other’s features. He explained,
“Can you imagine? Once you get the hash out and track where and how fiat currencies are being used, we’ll actually have an accurate indicator of the velocity of the (fiat) currency.”
He added that “advancing certain features can provide for a much better understanding of monetary policy’s impact on any economy.”On the contrary, Moy speculated that none of the sovereign governments would ever want to limit their ability to expand or contract their currency volume for any political or economic reasons.
He also felt that one of the main factors that still affected crypto-adoption was the “huge disconnect between what crypto could offer and what people understand crypto to be.” In order to increase its acceptance, crypto-advocates would have to make it less technical and more utility-based to explain its understanding, he said. He added that another disadvantage was that new users had to face the limitation of experiencing their first crypto-transaction through some ICO, rather than “through buying pizzas.”
Currently, Moy is one if one of the few and first set of industry leaders to categorically state that both fiat and cryptocurrency can co-exist in the near future.
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