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Leonel Fernández points out lack of regularization in the cryptocurrency market

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The former president of the Dominican Republic Leonel Fernández warned this Tuesday of the lack of regularization in the cryptocurrency market, which, in his opinion, can cause “many faults” to be commented.

This was stated to the press in the framework of the third Global Forum @ Casa de Campo, which is being held this Tuesday in La Romana, eastern Dominican Republic, and which brings together national and foreign experts to analyze “The future of money.”

Officials and directors of private and public financial institutions from the United States, Europe, the Middle East and Latin America participate in the activity and it is organized by the Global Foundation for Democracy and Development (Funglode), chaired by former President Fernández (1996-2000, 2004- 2012).

Questioned on the subject of cryptocurrencies, Fernández said: “we observe it, we see it, we know it exists, but it still has some weaknesses” because “there is no regulation and without regulation many mistakes are made.”

Second, “it is not clear what they are for, whether it is for trading or investment,” he added.

In his opening speech, after reviewing the evolution of money, the former head of state pointed out that “everything seems to indicate” that this regularization “will be a long process, in which a kind of global governance of the cryptocurrencies”.

According to Fernández, the world is heading “for profound transformations in the framework of the international financial architecture” and what is under debate, he added, “is whether we are approaching the end of money, as we know it.”

“The iPhone is being used more and more frequently to make electronic payments and the use of conventional money has become antiquated or anachronistic,” he said.

Everything seems to indicate, he said, “that we are at the dawn of a new financial revolution in which the nature of money tends to change.”

At the opening of the forum, Julia Smearman, director of International Financial Markets of the US Department of the Treasury, also spoke, who referred to the plans that her country is developing to regulate the system of digital currencies and provide security guarantees to its citizens.

“We are providing technical assistance where it is necessary and seeing where you can experiment to learn new regulations,” he said.

Meanwhile, Jim Reynolds Jr., president and CEO of Loop Capital Markets and who spoke on “Financial Markets in the United States and the Economy: where are cryptocurrencies going?”, Said that the market is a fundamental topic today in the US and that digital currencies and their platforms demand that countries think about how to protect their citizens.

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