'Countries will only want control': Apple co-founder Steve Wozniak warns governments will stifle crypto grow through heavy regulation

AP
  • Apple co-founder Steve Wozniak is concerned how global governments will regulate cryptocurrencies going forward.
  • While speaking at the Nordic Business Forum in Helsinki on Wednesday, Wozniak said he’s “very much afraid” countries will “only want control” as cryptocurrencies spread, according to Bloomberg.
  • The comments come as advocates are battling to legitimise cryptocurrencies and government are trying to determine how to regulate them.
  • Visit the Business Insider homepage for more stories.

Steve Wozniak is worried about the future of cryptocurrency regulation.

The Apple co-founder said during a speech at the Nordic Business Forum in Helsinki on Wednesday that he’s “very much afraid” that as cryptocurrencies spread, “countries will only want control, because countries make their money controlling their currency,” according to a report from Bloomberg.

“We’re going to see a little bit of a revolution in that sense, and regulation, very tight regulation,” Wozniak added.

Bloomberg also reported that Wozniak said he only supports novel blockchain solutions that are improvements from existing technologies such as the decentralized network ledgers system because “if it’s kind of like another way to own a share of something.

He added: “It’s unquestionable who owns what, you can’t have phony trading.”

Wozniak is a known supporter of blockchain-based currencies. In late 2018, he co-founded EQUI Global, a venture capital firm that issues investors a digital currency called EquiTokens.

His comments also come as central banks around the world are assessing the impact of cryptocurrencies on financial markets, and advocates are trying to legitimise the technology.

FacebookCEO Mark Zuckerberg is expected to testify in front of Congress regarding the social media giant’s new cryptocurrency initiative called Libra. Federal Reserve Chair Jerome Powell and President Trump have both expressed concerns about Facebook’s push into crypto.

Read more: A group of small tech stocks is quietly dominating the FANGs after lagging behind for years. Here’s why a Wall Street expert is convinced its gains are just getting started.

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