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
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
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?" 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.