Cryptocurrencies are natural evolution of payment systems

2017-10-31 14:32:22


ASTANA – The popularity of cryptocurrencies, and the scepticism around them, are, paradoxically, on the rise. In an interview with The Astana Times, Nazarbayev University School of Business Dean Dr. Patrick Duparcq spoke about the scrutiny around cryptocurrency and its future in Kazakhstan and throughout the world.

Duparcq is a recognised technology strategist and visionary with 20 years of expertise in forecasting, marketing and implementing. His current activities include technology forecasting and providing application frameworks and strategies for businesses, specifically in digital and global marketing.

In essence, cryptocurrency is a unit means of exchange where the value of the exchange unit is determined by the global exchanges in that currency. Unlike regular national currencies, governments cannot manipulate cryptocurrency exchanges, for all transactions are in an encrypted shared ledger. Therefore, cryptocurrency is – at least theoretically – a more truthful representation of the real value. Though this is an apparent advantage, it comes at a certain cost.

“Cryptocurrencies are a more realistic reflection of the currency value than traditional currencies, which are easily manipulated by governments. On the other hand, governments sometimes need monetary policy to stimulate the economy or cool down the economy. A cryptocurrency in its purest form would eliminate this very important tool for the government,” said Duparcq.

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