Crypto contradiction: Boom Bust explores how governments try to control cryptocurrencies that were not meant to be regulated
China’s Central Bank has unveiled plans to roll out its own digital currency, which will be called DCEP (Digital currency Electronic Payment). Beijing has been working on the project for about five or six years.
RT’s Boom Bust talks to Todd Horwitz of Bubba Trading about the latest in digital currency developments.
“If you look at the whole cryptocurrency world, the biggest problem is that everybody, including China’s Central Bank, wants to have control of it,” he says.
Horwitz reminds us that “the whole idea behind cryptocurrencies, such as bitcoin and libra, is not to be regulated.”
He says that bitcoin was meant to eliminate the fiat system.
“Right now there’s a battle between governments as they don’t want to give up control of fiat currency, they want to be able to manipulate cash and devalue it when they need to.”
The expert says that the “real benefit of the cryptocurrency world is that there is no central bank, nobody can manipulate and price the things out…” Cryptocurrencies trade 24 hours a day despite what the US Federal Reserve decides to do on Wednesday, he explained.