Monday, 22 July 2019 02:28

deVere Group chief slams US lawmakers’ stance on cryptocurrencies as 'outdated'

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US lawmakers’ stance on cryptocurrencies is outdated and bordering on negligent, the founder and chief executive of independent financial advisory organisation, deVere Group, Nigel Green, has claimed.

The boss of deVere — which launched its cryptocurrency trading app, deVere Crypto last year — made his comments after two days of US Congressional hearings this week to discuss Facebook’s planned digital currency, Libra.

The comments also follow Bitcoin’s 9% jump last Thursday, which Green described as “impressive”, while adding that “many of the lawmakers’ stance on cryptocurrencies — which are almost universally regarded as the future of money — is out-dated and blinkered”.

“Some of their comments in the Congressional hearings suggest that they think cryptocurrencies are a passing fad. That is delusional,” said Green.

“The demand for digital, global, borderless currencies is only going to increase. This is inevitable as the digitalisation of our economies and our daily lives grows further and picks up pace further still.”

Green said that because cyprtocurrency demand is set to soar over the next few years as retail and institutional investors pile into crypto, “lawmakers now need to embrace them and bring them fully into the mainstream financial system with proper and robust regulation”.

“It is bordering on negligent not to do so for three key reasons,” Green warned.

“First, it would provide further protection for the growing number of people using and investing in cryptocurrencies.

“Second, unless the US leads the way in the digital currency revolution, other countries — with, perhaps, counter values to those of America — will control it and it would be hard to ever take back that control.

“And third, there are enormous potential opportunities for higher economic growth by embracing cryptocurrencies. Why are lawmakers not seizing these with both hands?”

Green said digital currencies were the biggest innovation in payment systems in many decades, and Facebook’s jump into the sector was a “clear indication of the direction of travel in this regard and lawmakers must not put their heads in the sand and/or attack – that is futile and counter-productive".

“Instead they must work alongside stakeholders to make the market stronger still as investors continue to dive into the likes of Bitcoin, Ethereum, Ripple’s XRP and Litecoin.”

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Peter Dinham

Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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