The World Is Not Ready For Cryptocurrencies, Feels Billionaire Eugene Kaspersky

By Rishma Banerjee

Billionaire Eugene Kaspersky is of the opinion that bitcoin is indeed a revolutionary innovation but the world is not ready for and any other cryptocurrencies just yet. However, he is positive that the situation will be a lot different in 100 years. The CEO of Russian cybersecurity firm Kaspersky Labs made his opinion known in an interview with Arabian Business, during which he also denied reports that his Moscow cybersecurity company was developing spying technology for Russian intelligence.

He believes that digital currencies will eventually overtake paper money, in the future, but according to him, for that to seamlessly take place, a new world order with a single governing authority will also be required. He said,

“Cryptocurrencies are a great idea, but the world is not ready for them yet. The world must be united if we want to have encrypted currencies. At the moment, governments will want to control them… In the future — perhaps in 100 years’ time — all the world’s governments will be one government. States will unite under the (Government of the Earth). And only then we will have one currency. Some other currencies may be available, but on a global scale, the currency will be unified.”

Even though it might take another century for cryptocurrencies to be a part of the mainstream financial ecosystem, the Russian mathematician does not agree to the oft-discussed fact that bitcoin will replace the financial system that’s in place today. He said that some of the ideas and techniques which are the basis on the cryptocurrencies today could be used in the future currency with little modification, leveraging blockchain technology. He also issued a warning that said that governments would be trying to get crypto banned if they became too popular, as virtual currencies are an existential threat to governments and central banks. He said,

“I am beyond certain that different countries will try to forbid the use of cryptocurrencies, because they are beyond their control. Authorities will not pay attention, as long as [cryptocurrencies] do not pose a threat. When they start supplanting national currencies, they will be banned immediately.”