The former Wall Street executive and current CEO of the cryptocurrency Dash, Ryan Taylor, recently spoke to CCN and commented on the current situation in the crypto market. It seems like his perspective is quite optimistic and interesting for many investors.
In the exclusive interview, Taylor at first described why he escaped the Wall Street model, stating:
“I was led away from Wall Street for two primary reasons. The first is the tremendous opportunity I believe is inherent in the space. This is an incredibly immature industry with enormous potential for well-run projects. The second reason is that this technology has the potential to change the world for the better by empowering some of the most disaffected people in the world with a greater degree of financial freedom. It is truly an exciting place to be working.”
Meanwhile, Dash is a cryptocurrency and an autonomous organization (DAO) which focuses on helping merchants to handle private payments in crypto. Adopted in Venezuela by over 800 merchants, Dash is also active in Zimbabwe.
Taylor was working as a hedge fund analyst for a $20 billion investment firm based in New York. This is how he set up Dash and realized that crypto could make a great career for him. As he told CCN:
“Wall Street has a tendency to work on major new developments in private, and I suspect many others are working on solutions, even while simultaneously publicly shunning cryptocurrencies,”
Taylor addressed the effects of mainstream financial institutions entering the world of cryptocurrencies as well, stating:
“Crypto doesn’t need Wall Street to grow. It is getting adopted more and more every year with or without it. There are major benefits and drawbacks from its involvement, but I think netting those out, it is an overall positive thing that crypto is becoming more and more integrated with the traditional financial system.”
However, he is confident that there are both pros and cons when it comes to Wall Street’s involvement in crypto – as well as many other obstacles to be dealt with before we see the widespread adoption.
“Right now, regulatory uncertainty is preventing a lot of businesses from jumping in to provide services or become comfortable accepting payments in digital currencies. Regulators will eventually catch up and provide businesses with the guidance they need to gain comfort with it.”
As Taylor concluded, “cryptocurrency can become much easier to use if it is integrated with other financial systems and add to its utility. Would you rather use the U.S. dollar if it were not integrated with the financial system? By turning the question around, it becomes obvious that this will help crypto adoption.”
Russia’s Central Bank Looks Into The Pros And Cons Of CBDC
“CBDC de facto cannot provide the same level of anonymity that is provided by cash. This is certainly an advantage for regulators, but can be considered a disadvantage by users, not only those who are involved in suspicious activities, but those who are concerned about privacy.”Russia’s central bank also pointed out that central bank digital currencies can compete with commercial bank deposits when there is low inflation and not so high-interest rates. CBDCs can also become almost equal to cash but only in cases of providing liquidity and ease of use. As previously explained in almost all of the best cryptocurrency news sites, central bank digital currencies are digital currencies issued by a central bank. They have the status of a legal tender but also have elements of centralized money. Despite Russia’s central bank, the World Economic Forum also released a report claiming that there are about 40 global central banks that plan to use CBDCs. Some of the central banks interested include the Bank for International Settlements and the State Bank of Pakistan.
SBI Holdings Removes BSV But Not As A Part Of The Delisting Campaign
“It is true that we do have a business relationship with Mr. Craig Wright through our partnership with nChain. However, our decision to delist Bitcoin Cash (ABC) is unrelated to the delisting of Bitcoin SV by several non-Japanese exchanges.”SBI Holdings made clear that the BCH delisting was premeditated and a decision was brought after a long consultation with the Japanese Virtual Currencies Exchange Association. The decision comes at a time when BSV is reaching almost all headlines in every best cryptocurrency news sites but the company states it is a coincidence. As of press time, Bitcoin Cash is trading at 3.2 percent lower at $299 while Bitcoin Satoshi Vision is trading around $59 despite the massive delistings.
Renminbi Chinese Currency To Officially Become A Cryptocurrency
“It’s not really necessary to do that [to ban exchanges and mining] because in 20 years we are not going to be using bitcoin in China. Chinese people will use the RMB, only the RMB will become a cryptocurrency. The central bank of China will turn it into a digital currency.”Tapscott also gave a long explanation on decentralized exchanges as all of the best cryptocurrency news sites reported. He explained the Initial Coin Offering ban in the country and said that the government has a harsh stance towards using digital currencies. He suggested that decentralized exchanges should outperform the centralized ones since they have the ability to be more transparent and can identify ‘’bad behavior.’’ All assets, including the Renminbi Chinese currency, should join the decentralized exchanges according to Tapscott. The Chinese authorities are discussing the possible ban on crypto mining. The National Development and Reform Commission (NDRC) added crypto mining on the revised list of industrial activities. The agency believes that the crypto activities don’t provide safe production conditions. However, the country is a huge player in the bitcoin market since the Renminbi Chinese currency is often traded against the number one cryptocurrency. China is also one of the largest bitcoin mining pools owner. Bitmain for example, in 2018 operated about 11 mining farms in China so he was affected by the national agency’s reported plans. As for the blockchain technology, China is also among the places in the world with the largest number of blockchain projects. There are currently more than 264 projects. This is also one of the reasons why the Renminbi Chinese currency should become an official cryptocurrency.
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