Jeffrey Tucker, economist and editorial director of the American Institute for Economic Research (AEIR) has requested the central banks and governments across the globe to focus over the robustness of the crypto banking system instead of finding out ways to create a state-backed cryptocurrency.
Cryptocurrency is future
Jeffrey Tucker mentioned in the editorial about the government should lay its hands off from the field of digital currency as its infrastructure has its complete roots in private innovation. When asked about bringing the cryptocurrencies under strict government control by regulating them, Tucker said that it would kill the sole purpose of the cryptocurrencies which was to end the monopoly of money. He emphasized the point by saying,
“I’m not a believer. They won’t compete in the marketplace. They might achieve the opposite of the stated goal – the end of monopoly. Truly rivalrous competition is just now starting to exist in a sector long monopolized by government. Thanks to decentralized-ledger technology and some impressive innovations to create digital money and banking solutions — the technology operates peer-to-peer and requires neither government nor intermediaries to operate — we are beginning to see what real choice in currency might look like.”
Jeffrey Tucker: Cryptos are exciting
Moreover, Tucker believed that the cause of world war and many battles in the past centuries was money and the monopoly over it. According to him, cryptocurrencies are the “most exciting thing in money and finance on the planet,” over which government has no role strangling the purpose of the digital asset. He said
“Intervening will only result in more costly regulation and probably end up setting back the cause of genuine competition. When the private sector is innovating, government and central banks should leave them alone. And an even better rule: if you didn’t invent it, and you made no contribution to making it more valuable, you can’t regulate it either.”
Tucker believes that the attempts at government-backed cryptos would fail because the crypto market is what appeals to the wishes of the market.