Cryptocurrency critics predicting an impending decline for the young industry has some words to reflect on if they’re ever going to change their stance.
Speaking to his audience at the University of Liverpool School of Law and the Northern Chancery Bar Association on May 2, Geoffery Vos, Chancellor of the U.K High Court admitted that cryptocurrencies would see increasing usage soon rather than a decline.
Lord Geoffrey Vos specifically mentioned that the lack of regulatory certainty regarding the use of cryptocurrencies means that “the starting line has not been crossed.” He also expressed confidence that the industry will soon cross the starting line, saying,
“It will be crossed at some stage soon. That is for sure.”
In an earlier part of his speech, Lord Vos also showed that he had clear knowledge about the emerging industry, deliberating on the reasons why smart contracts had not seen the level of growth expected from them when they first came to the limelight a decade ago.
“We have been discussing how and when they may take over the world of mainstream financial services for several years. Yet, they seem never to make that breakthrough into reality” the high profiled Judge noted.
Next, he suggested that a way to bring smart contracts to the mainstream would be identifying and possibly removing any legal impediment restricting its usage. That would, in other words, mean the provision of clear regulations for the new technology.
In general, Lord Vos urged fellow law practitioners to “avoid the creation of a new legal and regulatory regime that will discourage the use of new technologies rather than provide the foundation for them to flourish.”
Lord Vos is notably the second high-profile official this week discussing the issue of regulation for the crypto space. In an earlier update, Stmarket.co reported former CFTC Chair, Gary Gensler as admitting that the industry needs clear rules to reach its peak.