Greek-British bitcoin advocate Andreas M. Antonopoulos said Korea might not need cryptocurrencies like Bitcoin.
In a speech Thursday in Seoul, he said South Korea and other industrialized countries do not need cryptocurrencies because their financial infrastructure is modern and well-functioning.
The host on “Lets Talk Bitcoin” podcast said cryptocurrencies are necessary for such countries as Venezuela and Argentina where the financial system is underdeveloped.
Argentina’s inflation hovers 40 percent and banks are not functioning well. Venezuela’s corruption and collusion between the government and banks are serious.
He predicted that South Korea and other advanced countries might need cryptocurrencies when blockchain’s processing speed is getting speedier, and blockchain does an intermediary function that banks cannot do.
He predicted the time would come when cryptocurrencies outpace the current banking system. He added that the time would arrive earlier than we think.
