Cryptocurrency
Regulators Are Slowly Starting to Get It: Utility Tokens Are Real via @coindesk
As reported by Coindesk, “‘I want to quash this false narrative that’s been going around for the past two years that you can separate blockchain from crypto. You can’t.’ “No, that’s not a bitcoin maximalist, a HODLer or a crypto-anarchist talking. It’s a regulator. “And Sopnendu Mohanty, the chief fintech officer of the Monetary Authority […]
As reported by Coindesk, “‘I want to quash this false narrative that’s been going around for the past two years that you can separate blockchain from crypto. You can’t.’
“No, that’s not a bitcoin maximalist, a HODLer or a crypto-anarchist talking. It’s a regulator.
“And Sopnendu Mohanty, the chief fintech officer of the Monetary Authority of Singapore, wasn’t preaching to the crypto-converted, either, when he issued this reminder that native tokens are integral to a decentralized blockchain.
“Rather, he was addressing a room full of curious but wary central bankers and international development officials, all of whom were attending a G20 forum in Riyadh, Saudi Arabia on technology and financial inclusion.
“It was refreshing to hear someone in the official sector take issue with the simplistic ‘blockchain without bitcoin’ refrain that gets sold to corporate and government leaders who don’t always realize that their problems might be better solved with a less cumbersome distributed database.
“That wasn’t only because it’s important for people to understand how native digital tokens are an integral part of the incentive and security models upon which open, permissionless and censorship-resistant transaction-recording systems are built. It was also because Mohanty’s intent was to help shape sensible crypto regulation.”