Cryptocurrencies are here to stay even as governments, worried about potential misuse, have resorted to bans, according to the head of Crypto Council for Innovation.
The governments were worried about money laundering, Sheila Warren, chief executive officer at the global advocacy for the crypto industry, told BQ Prime's Menaka Doshi on the sidelines of the World Economic Forum summit at Davos on Monday. But the laws regarding cryptocurrency are not directed towards these malpractices but to outlaw them entirely, she said.
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“We see an outright ban on payments. And that I find very interesting. Because why should you not be able to pay for something that has a time-zero value. Clearly, there is a price attached to cryptocurrency at the moment you make the payment, that is a value.”Sheila Warren, CEO, Crypto Council for Innovation
She said crypto exchanges are already asking customers for their KYC and are by default following regulations.
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Christine Lagarde, European Central Bank chief and former head of International Monetary Fund, has called cryptocurrency "worth nothing".
But Warren, citing the Biden administration, said it will be an engine for economic growth provided it is regulated in an appropriate space. "It is not proper to say that it is worth nothing or everything. There is a lot of grey space. I hope the collaborative model extends."
Central banks have become more and more bullish on launching their own digital tokens. Warren sees a combination central bank digital currencies and other tokens operating in the market.
Warren said that places like Dubai which have actually experimented on the use of crypto technology are "miles ahead of the rest" because they understand the usefulness of such a centralised system.
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