Crypto is likely to integrate with the future financial system

Recently, Eddie Yue, CEO of the Hong Kong Monetary Authority (HKMA) Said Despite recent issues in the sector, cryptocurrencies have the potential to play a central role in the financial system in the future.

Yue spoke at the G20 meeting on July 17, saying that he does not expect cryptocurrencies and DeFi to disappear even after the LUNA incident. Yue advertised the benefits of technology, acknowledging that they could be suppressed.he Said:

“The technology and tangible innovations behind these developments can be important to our future financial system.”

Yue said successful cryptographic protocols can be modified to adapt to current financial markets. He also emphasized the importance of comprehensive regulation that can support the healthy growth of this implementation.

Bitcoin as part of all portfolios

Former BlackRock executive Edward Daud, unaware of Yue’s comments, even recently Said Bitcoin will be part of everyone’s portfolio.

Daud also argued that bear market conditions were not the end of cryptocurrencies. However, he also said that he could distinguish Bitcoin from other cryptocurrencies and beat gold in the future.

He said:

“Bitcoin stays here. It will be part of everyone’s portfolio. At least in Bitcoin, it can be exchanged digitally and gold is a much tougher sale for me. I oppose gold I don’t. It’s not a bad idea to have money. “

He likened Bitcoin to the Amazon in the early days of the Internet. According to Daud, 90% of cryptocurrencies will collapse, just as 90% of online businesses collapsed in the early days of the Internet. Bitcoin is like the remaining 10% of those years that became Amazon.

Aspiring officials

Yue and Daud speak the same language as US Senators Cynthia Lummis and Kirsten Gillibrand. The duo recently submitted a bill to integrate cryptocurrencies into the financial system. The bill appoints the Commodity Futures Trading Commission (CFTC) as a regulator of the crypto market and aims to fully integrate crypto into the US financial system.

Another government agency that agrees with the rest is the Bank of England (BoE). Banks have been lovingly talking about the crypto sector for years, paying attention to volatility. Recently, BoE’s Deputy Governor of Financial Stability, Jon Cunliffe, also likened the crypto sector to the early days of the Internet. He said he was confident in the future of cryptography and promoted its incorporation into the financial system. But like Yue, Kunriff also sought a regulatory framework.