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Japan Central Bank: Cryptocurrencies Are Not Competition

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(DFN) Recently, Haruhiko Kuroda, the Governor of the Bank of Japan called cryptocurrencies “crypto-assets” and said that “cryptocurrencies are not a threat to the Yen and he doesn’t see them as a danger to existing legal tenders anytime soon,” as crypto-lines reports. However, central bankers have various and conflicting opinions on the issue, leaving potential investors across the world without clear guidance as to a future consensus on the issue.

At present, cryptocurrency retains an aspect of volatility, as noted by Kuroda’s and other central bankers. However, that may change as the ecosystem matures. As cryptocurrency’s practiical use for everyday commerce and other regular, transactional uses, the amount of speculation and volatility involved in its use cases decreases. At this stage, cryptocurrency could become perceived as a competitive threat to national fiat currencies.

Fiat currency’s adoption lead, once eroded, could lead to a cryptocurrency “flippening”

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National currencies, administered by central banks, compete on a world stage constantly being traded to buy goods and services and being bought and sold by speculators, with the currency that has the most value to be bought and having the most stable future growth path dominating the marketplace. As volatility decreases with growth, cryptocurrency could join this stage as well. While providing new currency options that can be traded for goods and services, cryptocurrency would not be subject to the interest rate and money supply manipulation of national fiat currencies. Governments would no longer have monopoly powers of the currency their citizens use, and may fear mass exodus from these currencies to forms that are more transparent and less inflationary. This could force their interest rate,s and therefore debt, to balloon, presenting an even more stark comparison between fiat currency and cryptocurrency.

While there may be some ways to go before cryptocurrency viability as currency is acheived, this path has already been set in motion. Despite Haruhiko Kuroda’s comments, Japan stands as one of the most crypto-friendly nations in the world, with a growing number of businesses accepting Bitcoin and other coins for payment. DiscoverDash lists 682 businesses and growing that accept Dash, with rapid progress in areas of the world experiencing currency issues, such as Venezuela, which alone contains over 80 Dash-accepting businesses. The public release of the Alt Thirty Six platform may see an even more rapid growth, with thousands of marijuana dispensaries poised to accept Dash payments through the platform.

Dash’s competitive advantage in addressing volatility

Dash stands as one of the cryptocurrencies with the best chances at reaching wide adoption as a currency due to its higher network capacity and low transaction fees, in addition to its clear and stable plan for long-term growth. In addition, Dash continues to add partners and users all around the world at a rapid pace. Altogether, this potentially makes Dash one of the least volatile cryptocurrencies moving into the future, and thus one of the best positioned to compete on the national currency stage. This could provoke a change in perspective from central bankers, which may cause a reevaluation of the position that cryptocurrency is not competition, which may bring up fresh regulatory discussions on the issue in the future.

 

Written by: Justin Szilard

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