Presidential candidate Michael Bloomberg’s proactive cryptocurrency plans place him on the right side of financial history, according to the CEO and founder of deVere Group.
Nigel Green was speaking out after the New York-based billionaire presidential hopeful proposed creating a regulatory framework for cryptocurrencies in a new financial regulation plan.
The plan notes: “Cryptocurrencies have become an asset class worth hundreds of billions of dollars, yet regulatory oversight remains fragmented and undeveloped.”
Green comments: “Michael Bloomberg is, to date, the only candidate to become president of the world’s largest economy who has devised a coherent plan for cryptocurrencies.
“The staggering pace of the digitalisation of economies and our professional and personal lives underlines that there will be – must be – growing demand for digital, global, borderless money.
“Indeed, digital currencies are now almost universally regarded as the future of money.
“This is why most central banks around the world – including the Federal Reserve – major financial institutions, tech giants, and multinationals are all getting involved.
“As such, Bloomberg’s proactive and progressive approach, which could be the first step to providing regulations to protect consumers and prevent illicit activity in the new age, must be championed.”
Green has long been a vocal advocate for cryptocurrency regulation.
He notes: “Digital currencies are already becoming mainstream and that means that they should adhere to the same standards as the rest of the financial system.
“Regulation is necessary as it will provide further protection for the growing number of people using cryptocurrencies, the less likely it will be that criminals will use these digital payment methods, the less potential risk there will be for the disruption of global financial stability, and the more potential opportunities there will be for higher economic growth and activity in those countries which introduce it.”