A panel at the WEF explains that crypto is still too small to be regulated

29 Jan, 2019
by Richard Allen
Regulation
A panel at the WEF explains that crypto is still too small to be regulated

The recent withdrawal of the much-anticipated Bitcoin ETF proposal came as a disappointing surprise to many. However, members of a Building a Sustainable Crypto-Architecture panel at the World Economic Forum believe that cryptocurrencies are still too small to be regulated, 8BTC reports.

Professor of Economics at Harvard University Kenneth Rogoff explained that the possibility of cryptocurrencies replacing fiat, at least for now, is next to none, stating:

“Right now, the regulation has not come. It has not begun. The US has tiptoed into it. Everyone is just starting to think about it. I’ve spoken to regulators and they very candidly say, ‘Well, there really isn’t that much value going on in the transactions. A lot of it is speculation. It is a very interesting innovation, let’s let it roll and see what happens.’ But they are not necessarily planning to let it continue to roll after it does well. They are planning to sort of see where the innovation go.”

Similarly, Jeremy Allaire of Circle agreed that crypto is still relatively small and added that the diversity of its landscape needs to be understood, suggesting that numerous projects could be considered as an evolution of the internet.

“This is a broader architecture evolution. Platforms like Ethereum and probably ten or 15 others that are trying to compete with Ethereum are really trying to build a new global open immutable record-keeping system, transaction processing system in computing engine that you can run applications on that are really useful when you have a lot of parties that don’t trust each other. We see this as much more transformative even more than the web.”

Read more: Wyoming introduces new bill giving legal clarity to cryptocurrency; New Hampshire bill would legalize Bitcoin for tax payments

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