“I don’t think there’s long-term viability for five or six thousand private forms of money,” Mr. Gensler said in a virtual event hosted by the Washington Post.
There have always been amazing communities out there in the world. Every one of them are set by certain rules, beliefs, moral codes and…private money and economy.
You can see a lot of cases in the world through time. For example, you see the M-pesa case. Which is a widely studied case.
MIT Sloan’s Tavneet Suri (Louis E. Seley Professor of Applied Economics; Associate Professor, Applied Economics) has spent 10 years studying the use and impact of both “mobile money” and “digital credit” in sub-Saharan Africa, particularly in Kenya, and exploring the impacts of these relatively new economic tools.
We see as well, cases like private companies like this one:
In 2005, a brewery in Cameroon started printing prize offers under beer bottle caps to boost sales.
Competitors followed suit until eventually, for the price of one beer, you were almost guaranteed to win anything from another beer to a sports car.
People then started using their bottle caps to pay their taxi fares. Taxi drivers used them to bribe the traffic police. Pretty soon they became a small part of the local economy.
And so on.
Private money is a form of grow your own, with the support of all economy shared assets, culminating in growing steadily among each other.
A community is by definition, the condition of sharing or having certain attitudes and interests in common. Currency applied.
There is the point that SEC Chair, Professor Gary Gensler is neglecting.
Cryptocurrencies are not just a technology nor a currency.
Cryptocurrency are part of an economic revolution.
Bitcoin is just a tip of the Iceberg in this equation, and tokens as a form of community money, are just starting to grow.