Once again, governments across the world have been advised not to hinder the success of bitcoin and other cryptocurrencies through strict regulations. The latest call comes for renowned cybersecurity expert Eugene Kaspersky.
With cryptocurrency, government and regulatory agencies seem to be having a hard time creating regulations that are just enough to keep investors and citizens safe without stifling the innovation that comes with cryptocurrency and blockchain in general.
Kaspersky, who is the CEO of IT security firm Kaspersky Labs, granted an interview to Dubai-based magazine Arabian Business, where he said that cryptocurrencies can succeed if governments stop trying to control them.
Global Government Cooperation Needed for Crypto Success
A fan of bitcoin, Kaspersky suggested that cryptocurrency will thrive when all countries can come together as a single global government.
“Cryptocurrencies are a great idea, but the world is not ready for them yet. The world must be united if we want to have encrypted currencies. At the moment, governments will want to control them.”
“The world must be united if we want to have encrypted currencies…I believe that in the future, perhaps in 100 years’ time, all the world’s governments will be one government. States will unite under the [global government] and only then we will have one currency. Some other currencies may be available, but on a global scale the currency will be unified.”
Kaspersky is not the only one who believes that cryptocurrency is at the mercy of governments. Jamie Dimon, the CEO of JP Morgan Chase one claimed that bitcoin and other cryptocurrencies will not survive the stringent requirements of government regulations.
In his words:
“Governments are going to crush it one day…Governments like to know where the money is, who has it and what you’re doing with it”.
At the time, China had just issued a blanket ban on all cryptocurrency activities in the country, an action that will go ahead to drastically cut down its cryptocurrency community which was the biggest before the ban.
Bitcoin Has a Bright Future but Cannot Upend Fiat
Although Bitcoin has grown in adoption and the number of transactions, Kaspersky is not convinced that bitcoin can overturn the entire fiat-based currency ecosystem as many bitcoin proponents believe.
“Today’s digital currencies, such as bitcoin, cannot replace the current financial system,” he said, adding that, “some of the ideas and techniques on which these currencies are based can be used in the future currency with little modification, leveraging blockchain technology.”
Bitcoin BTC / USD Price Today
At the time of writing, bitcoin (BTC) is trading at $3,917 to the U.S. dollar as the coin struggles to reach a key support at $4,200. If people believed that bitcoin’s surge to reach its all-time in 2017 was an indication it will dethrone fiat they must be humble now as BTC tries to claw its way back.
A comprehensive crypto price analysis for today March 7, 2019, can be found here.