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Leonel Fernández points out lack of regularization in the cryptocurrency market

Santo Domingo, DR.

Former President of the Dominican Republic Leonel Fernandez 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 Campowhich 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 about the cryptocurrency themeFernandez said: “we observe it, we see it, we know it exists, but still with some weaknesses” because “there is no regulation and without regulation many faults are committed”.

In second place, “It is not clear what they are for, if it is to make exchanges or to invest”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 Fernandez, the world is heading “to deep transformations in the framework of the international financial architecture” and what is up for 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 opined, “that we are at the dawn of a new financial revolution in which the nature of money tends to transform”.

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 needed and seeing where you can experiment to learn new regulations,” he said.

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

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