Vitalik Buterin, the co-founder of Ethereum (ETH), has recently revealed his stance on the possibility of cryptocurrency ruling the financial world in the future.
When speaking today at the VivaTech conference in Paris as reported by Reuters, Buterin stated that he did not expect crypto to take over the world and replace traditional currencies.
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Vitalik Buterin noted:
“I do not expect cryptocurrencies to take over the world. It’s about cryptos and digital and governments.”
The chance that crypto has to take over the financial world has been a major topic for discussion within and outside the cryptocurrency ecosystem.
The fact that digital currencies are becoming widely used in payments and preferred by many has boosted their chances of taking over from the traditional finance system at a point in the future. However, Buterin seems certain that such is not happening.
Regulatory barrier
Although crypto proponents are pushing for digital assets to replace traditional finance products, regulations are emerging as the main barrier. This comes as different jurisdictions move to propose laws to govern the asset class.
The need to scrutinize the crypto sector has risen in recent days following the collapse of the Terra ecosystem. The fiasco wiped out millions of investments in a matter of days, with several governments, including South Korea, moving to enact strict laws to manage the sector.
Read Also: Ethereum’s Vitalik Buterin Slams Terra: No Genuine Investment Can Promise 20% Returns Per Year
Additionally, Buterin’s opinion on the future of crypto comes at a time when governments, such as El Salvador, are approving or considering the approval of Bitcoin as a legal tender.
Meanwhile, Vitalik Buterin had once termed El Salvador’s Bitcoin mandate reckless while blasting those who think the move is the best for the company’s economy.
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