Coinbase CEO Brian Armstrong said in an interview with CNBC that the cryptocurrency industry will create a wave of new companies as the internet does. He argued that this innovation would benefit countries embracing the emerging technology.
“It will be like the days of the emergence of the internet”
Armstrong explained that when the internet came about, many governments were wary of how they would evolve and whether they could still control the flow of information. It has gone so far as to try to control the internet as much as some countries like China can:
“Most parts of the free world have embraced the internet after some concern, and when they looked at all the new companies that were created there, they realized it was a really big advantage for the country as well. The same will happen with cryptocurrencies. ”
“Every country will have digital money”
Coinbase CEO also commented on whether countries will start developing their own version of cryptocurrencies known as central bank digital currencies (CBDCs). He said many would likely issue CBDCs and argued that the US should have its own dollar-based CBDC.
“My prediction is that every major country will probably have a central bank digital currency in the near future.”
Armstrong added that Coinbase is delighted to help governments around the world create digital currencies if they wish. Armstrong argued that the crypto economy would be seen as “something complementary to the traditional economy”. “Governments that embrace it will continue to benefit from it enormously, with all their citizens.” said.