Thomas Power & Manie Eagar Debate Mark Carney's Vision for 'The Future of Money' (& Centr...
54:48
| Season | Episode | Duration | Published |
|---|---|---|---|
| #1 | #9 | 54:48 | 15th March 2018 |
In a recent speech Bank of England Governor Mark Carney said that crypto assets are not and cannot be money - but they must now be regulated and become a fully fledged part of the financial system nonetheless.
It turns out the European Banking Authority has a very different plan - and says otherwise and that over-regulation is a bad idea. Innovation should be supported and encouraged to flourish!
The SEC says there's no such thing as a token which doesn't look like a security - and seeks to regulate everything in sight.
Meanwhile the Swiss regulator (not to mention the state of Wyoming) clearly recognises digital tokens based on blockchain technology can have a range of purposes and represent a range of things including services (or utilities) and assets.
Central banks and regulators may all be used to being the authority, setting the rules for everyone else, but - in this globalised world they can't all be right!
So who's view will win out? Well given that this is a darwinian battle the answer is simple - the fittest the most functional.
Having earlier taken a look at Mark Carney's speech in an article "MONEY AND THE FUTURE OF THE BANK OF ENGLAND: HAS THE CRYPTO BATTLE BEGUN?" (at https://irishtechnews.ie/money-and-the-future-of-the-bank-of-england-has-the-crypto-battle-begun/) in this episode I debate the global situation and the future of all this with thought leader Thomas Power and Blockchain expert Manie Eager.
With a postscript on the EBA's intervention, which came just before release.
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