The new currencies lack the basic element of trust: Yang
By: Matthew Strong, Taiwan News, Staff Writer
TAIPEI (Taiwan News) – Cryptocurrencies do not form part of the trust
system which allows common currencies to flourish, Central Bank Governor Yang Chin-long (楊金龍) said Tuesday.
Speaking at a forum about the bank’s role in a digital economy, Taiwan’s central banker emphasized that the use of a currency as a method of payment relied on a long history of trust. Once that trust disappeared, the currency’s value could collapse to zero, Yang said, according to a Liberty Times report.
Cryptocurrencies still encountered numerous problems, from sharp ups and downs in their value and supply issues to a lack of efficiency, Yang said. As there was no way of asking for compensation or redress, the new currencies could often be used by unscrupulous characters, he added.