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“This is the reason why the majority of major financial institutions globally already are planning to establish crypto desks. This is the reason more and more institutional and retail investors are turning into the marketplace. And it is technology giants are becoming involved. And you can bet where Facebook follows, additional tech firms will do the same.
“Does the President seriously think that conventional, fiat currencies would be the way forward?”
By George Ahead
Mr Green continues:”But I agree with Mr Trump which Facebook’s new Libra job should be scrutinised.
“However, being the social networking monolith that it is, it is surely expecting this amount of scrutiny. I would suggest it is ready for this, has got the tools for this, and will welcome it, as it is likely to make its cryptocurrency stronger”
“Legislation is essential since it will offer further protection for its increasing number of people using cryptocurrencies, the less probable it will be that offenders will use these electronic payment methods, the potential risk there’ll be for the disruption of international financial stability, and the more possible opportunities there will be for higher economic growth and action in these countries which introduce it.
The President’s tweets follow a month’s announcement by Facebook it is to launch its very own new electronic currency to be known as Libra. It’s intended to be a more low-volatility money that will let its customers purchase things or send cash to individuals with very low prices.
DeVere Group is one of the world’s biggest independent advisers of expert global financial options to international, local mass wealthy, and high-net-worth customers. It has a network of more than 70 offices throughout the planet, over 80,000 customers and $12bn under advisement.
“The blistering pace of their digitalisation of markets and our own lives underscores that there’ll be an increasing demand for electronic, global, borderless cash.
The deVere Group CEO concludes:”Standing on the sidelines, or worse appearing backward, on the issue of cryptocurrencies – that can be redefining and reshaping the financial system – is a more baffling approach for the pioneer of the world’s largest market to take.”
“When everything from listening to music to publications is already digital, disregarding digital monies in a digital age is, frankly, bizarre and looks depressingly archaic.
It will be backed by reservations handled through an independent organisation, known as the Libra Association, composed of many leading tech firms and non-profits that provide the token real-world value.
Nigel Green, the founder and CEO of deVere Group, is talking out after Donald Trump took to Twitter to state:”I’m not a fan of Bitcoin and other cryptocurrencies, that aren’t money, and whose worth is highly volatile and centered on thin atmosphere.
“And it’s definitely in its way, judging by the actions of regulators around the world.”
U.S. President Trump is incorrect and is placing himself on the wrong side of history on Bitcoin — however cryptocurrencies ought to be regulated, says the manager of a few of the world’s largest independent financial advisory associations.
“Indeed, it is now almost universally regarded as the future of cash.
He goes on to include:”The broader purpose here is regulation. Cryptocurrencies are now getting mainstream. As such they should adhere to the exact standards as the rest of the system.