When industry-chiefs begin to draw timelines then stakeholders definitely need to read the writing between the lines. This is very much true of the cryptocurrency world.
In a recent conversation with industry agency, CoinDesk, the chief of Electronics Transactions Association(ETA) Jason Oxman shared that “traditionally incumbents react to innovation,” by “shutting them-up” as was the case with the first ever record industry disruptive platform, ‘Napster’ a few decades ago.
This time around it is the Bitcoin and cryptocurrency platforms that are facing the challenge.
Oxman, however, reiterated that ETA, the 1990 born 500 company representative favors all types of electronic transfers, including bitcoin. ETA members include Amazon, MasterCard and BitPay, the first from the bitcoin industry at this level.
Mobile Payment innovation would be the next generational payment technology his industry was willing to explore Oxman claimed.
However, he did suggest the BitLicense Proposal was part of the regulatory system “to ask questions about the level of consumer protection available through alternative payment systems. The less those systems are established and deployed, the more regulators are going to feel compelled to step in and protect consumers where those protections are not otherwise available.”
Oxman explained that, “At bottom, our industry is in the business of facilitating electronic transactions, and those electronic transactions are going to take the form of whatever the customer or merchant of choice agrees is going to be the form of their electronic transaction.”
The transition for traditional ETA members to look at bitcoin as a technology and ‘interesting development’ was the ETA 2013speech by Patrick Murck, the bitcoin Foundation General Counsel. The result of that talk was that, “at least one of our members has seen fit to strike a deal with a bitcoin processor,” referring to BitPay and Global Payments deal.
To contact the reporter of this story: Deepak Tiwari at email@example.com