Source: Adobe/Jiri Hera.
“What’s in a name?” muses the eponymous heroine of Shakespeare’s Romeo and Juliet A “rose,” she states “by any other name would smell as sweet.” Not so when it concerns cryptocurrencies, it appears.
A few of Japan’s most popular crypto market players, academics, legislators and legal experts invested their weekend discussing crypto-related lexicon, in a quote to standardize the often-confusing jargon surrounding blockchain-powered tokens.
The conference of minds was stimulated by a current exchange in parliament, with financing minister Taro Aso raising the concern of crypto semantics just recently when reacting to a concern from an MP who is promoting crypto tax reform.
Aso quipped that there was “something dubious-sounding” about the prefix “crypto,” and recommended that supporters utilize something more confidence-inspiring, such as the “stable” in “stablecoins.”
His remarks echo beliefs revealed by British author JK Rowling, who just recently ran the risk of the ire of Bitcoiners by recommending that crypto “sounds creepy.”
Juliet prefixes her speech about names by prompting Romeo: “Be some other name!”
So, the experts, consisting of the heads of a variety of significant Japanese crypto exchanges, chose to do specifically that– assembling (practically) searching for an orthodox terms that might be appropriate for one and all.
Previously this summertime, the Japanese federal government has required all legal documents to stop describing cryptocurrencies (actually “virtual currencies” in Japanese), in favor of “cryptoassets.” Nevertheless, this modification is yet to have any real-world results, as the majority of media outlets, business leaders and the basic public– reports Coin Post– still utilize the term that suggests “virtual currencies.” To put it simply, crypto is still crypto for the majority of.
The experts concurred that “cryptocurrencies” was basically a misnomer, as bitcoin (BTC) and the like did not fulfill the meaning of “currencies.” In a quote to move far from both the idea of “crypto” and “currencies,” one exchange head recommended utilizing a term like “digital coin,” which the majority of the individuals appeared to like.
The group went on to talk about using the word “staking” when used to crypto, concurring that other terms that refer to “dividends” and other traditional finance-related terms were not ideal replacements, with “digital deposit” recommended by one individual.
Even the term “blockchain” was cast doubt on.
The event concluded with a vote, the results of which were posted on Twitter by organizer d14 b, and can be seen below:
- Crypto Possession -> > digital coin
- Steady coin -> > legal currency-linked electronic coin
- Token -> > clever hallmark
- Staking -> > digital deposit
- Blockchain -> > tamper-resistant dispersed journal
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