Cryptocurrency’s recent status in the limelight has compelled federal agencies to deploy new sets of regulations. The former Director at the Unites States Mint, Honorable Edmund C. Moy, in his latest interview, highlighted the possibility of fiat and cryptocurrencies co-existing. He explained that the lack of an authority to regulate and define crypto has resulted in “each individual agency to see what aspect of cryptocurrency comes within their jurisdiction”. He added,
“Financial institutions such as Bank of England and Royal Bank of Canada have also begun their research on how crypto could benefit fiat currency. To preserve the potential of cryptocurrency requires a really wise regulation.”
This so-called “wise regulation” will eventually lead to new laws being implemented, something that will contradict the existing “total free market”. On the other hand, Moy added that the decentralized industry (crypto-companies) can also provide a roadmap for regulators as to how best to regulate the industry, without killing innovation. Bank of England and Royal Bank of Canada have already begun their research on how crypto could benefit fiat currency, he added.
Moy also shared his belief of a two-fold approach to create a crypto-fiat synergy in today’s economy, which involved cooperation between governments and prominent players within the crypto-community. Additionally, he supported the decentralized industry by saying,
“Having a free market is best for the consumer. But to make sure there are no bad players, companies must self-regulate to really high standard.”
Moy concluded the interview by revealing some of his recent efforts at creating a sustainable crypto-fiat ecosystem, which included his involvement with ICOx Innovations for developing digital economies that can serve as a model for future businesses.