Cryptocurrencies are excluded from the trust system that fiat has used to flourish, Taiwan’s central bank governor Yang Chin-long said during a forum on the bank’s role in the digital economy.
He clarified this further by saying that fiat currencies as a payment method have historically been backed up by a system of trust. Once this trust is gone, the same thing happens to the value of the currency, according to Yang.
The governor added that cryptocurrencies lack this foundation due to their predisposition to volatility and they have a certain appeal to wrongdoers because there is no recourse for those who suffer losses due to theft.
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