John Mack Said That Crypto Could Be A Big Financial Transaction. Former Morgan Stanley CEO John Mack talked about bitcoin and cryptocurrency in an interview. Mack served as CEO of a global investment bank from June 2005 to January 2010.
The former Morgan Stanley executive said fifty years from now Bitcoin and crypto will be the big way monetary transactions happen.
“It’s easy to connect. You don’t have to worry about placing funds in the bank. It’s on the computer,” Mack said as quoted from Bitcoin.com, Tuesday, November 1, 2022.
Mack also confirmed he still has bitcoins. Although admitting it is difficult for him to understand why crypto has value. Mack also argues, everyone should make sure it’s crypto protected, and no one can break into it.
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“Fifty years from now, I think things will become more electronic and increasingly driven by input from humans on computers on how to trade, how to take risks, and make sure they don’t overstep their limits,” said Mack.
Mack has been investing in crypto for years. In July 2017, he told Bloomberg while discussing his investment in crypto startup Omega One.
“I have been observing and investing in the cryptocurrency market for the past few years,” MACK said at the time.
Regarding Omega One, he said at the time he found the company to be the next important step in the emergence of this new economy, making crypto assets cheaper and more accessible.
Previously, Vietnam’s prime minister, Pham Minh Chinh, was reported that the country’s government should study crypto regulations. This is based in part on the fact that residents continue to trade digital assets even though they have no legal acknowledgment.
According to an Oct. 24 report from online news outlet VnExpress, Chinh hinted the Anti-Money Laundering Bill, or AML, should recognize amendments to virtual currencies given that “in reality, people are still trading” crypto in Vietnam.
The prime minister’s comments suggested the Vietnamese government could consider crypto regulation to address its role in financial crimes.
“It is important to study the appropriate sanctions, and task the government to make detailed regulations,” the prime minister said.
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The Vietnamese government for the most part does not recognize cryptocurrencies like Bitcoin as a payment method in the country, but does allow tokens to be in the gray area of what appears to be legal investment.
Vietnam Ranks First in Global Crypto Adoption
John Mack Said That Crypto Could Be A Big Financial Transaction. A Chainalysis report released in September showed Vietnam ranked first among all countries in crypto adoption in 2022 and 2021, with “very high purchasing power and population-adjusted adoption across centralized cryptocurrency tools, DeFi, and P2P.
Several local lawmakers have been pushing for crypto asset adoption as the space and adoption rate grows. In March 2022, Deputy Prime Minister for the General Economy Le Minh Khai asked the Ministry of Finance to explore and amend laws aimed at developing a framework for cryptocurrencies.
This follows an initiative announced by the prime minister in July 2021 directing the State Bank of Vietnam to study and pilot a digital currency.
Vietnam’s National Assembly will discuss the anti-money laundering bill on November 1 and may approve or reject it at the end of its fourth session on November 15.
Previously, the Monetary Authority of Singapore (MAS) had proposed a draft of more stringent regulations, aimed at restricting crypto trading for retail investors with the aim of reducing risk for consumers, while increasing the development of stablecoins.
The proposed measures have been detailed in two consultation papers published by the authorities. The plan is to introduce the new rules as guidelines before finally incorporating them into the Payment Services Act.
“Trading in cryptocurrencies is very risky and not suitable for the general public,” the MAS statement reads, quoted from Bitcoin.com, Friday (10/28/2022).
In an announcement on Wednesday, the monetary authority explained the proposal covers three key areas of consumer access, business conduct and technology risk. It intends to limit speculative trading risks by introducing certain obligations for crypto service providers.
These companies must ensure their customers make the right decisions by providing risk disclosure, including about price fluctuations and cyber threats. The central bank advised they should not allow or offer retail investors the option to pay by credit.
Cryptocurrency platforms will also be required to keep customer assets separate from their own funds and may be prevented from lending investors assets to third parties. However, despite these actions, users will ultimately remain responsible for their decisions and actions.
Praising the potential of well-regulated and securely backed stablecoins to facilitate transactions in the digital asset space, MAS indicated they plan to expand the regulatory framework for them to ensure their stability.
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It will focus on issuing stablecoins that are pegged to a single currency and with circulation exceeding S$5 million.
John Mack Said That Crypto Could Be A Big Financial Transaction. Under the proposed rules, issuers will be required to hold asset reserves equivalent to at least 100 percent of the face value of the coins, which can only be pegged to Singapore dollars or Group of Ten (G10) currencies.
They must issue white papers, meet authorized capital requirements and maintain liquid assets. Domestic banks will be allowed to issue stablecoins.
