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Elon Musk On Settlement on Mars: Dogecoin will not be Mars’ official currency, but the new planet will need its own cryptocurrency

  • In a recent podcast, SpaceX CEO Elon Musk said that the regulatory system needs a «garbage cleaning or collection function» for «counterproductive» rules and regulation.
  • The billionaire is still planning to take Dogecoin to the moon, but says it cannot be Mars’ currency for a variety of reasons.

Elon Musk, CEO of space exploration company SpaceX, and currently the richest man in the world, dreams of building a human civilization on Mars. But the man has shown great interest in cryptocurrencies, including Dogecoin (DOGE), which he calls his favorite.

Now, in a recent famous podcast with host Lex Friedman, Elon Musk explained how cryptocurrencies interact with the Martian futures community.

Elon Musk: Requires a standard ‘cleaning function’

Currently, various governments around the world are developing laws regarding cryptocurrencies and other related methods. Some of these authorities are already implementing these directives, while others are developing them. The second category includes the US, which is developing new rules for the decentralized financial sector (DeFi), stable and cryptocurrencies in general.

Speaking on rules and regulations, Elon Musk said «there was no cleansing function in terms of rules and regulations.» Contrary to earlier times when war systems «reset», Musk, in stating that peace is better, believes that the lack of a «garbage cleaning or collection function» believes rules and regulations over the years. He says these instructions are made in good faith or in bad faith, and some are «counterproductive.» In the end, he says, there is little people can do because they are «connected.» In addition, it urges regulators and legislators to work to end harmful rules.

When the Martian colony is founded, Elon Musk says that the people who live on the planet will follow all the rules. The laws will not be subject to the laws present on Earth.

Why Dogecoin cannot be the official currency of Mars

Earlier, Elon Musk tweeted that he plans to bring Dogecoin to the moon, both literally and figuratively. But now, to the disappointment of DOGE fans, Musk has said that the cryptocurrency will not be a Mars currency due to timing difficulties.

Well, I think Mars itself has to have a different coin because it can’t synchronize because of the speed of light … Mars is at its closest approach about four minutes light, and then at the farthest approach face, it’s about 20 minutes light away, or maybe a little more, so you don’t really have some timing … If you have a 20 minute light speed problem, if you have a one minute blockchain, it will not be synchronized correct.

However, the tech entrepreneur believes the new planet will have its cryptocurrency. He said this decision would not be made by him alone, but by the entire Marian community.

I don’t know if Mars will have a cryptocurrency, but it probably will, and will somehow be located on Mars. I think cryptocurrencies are an interesting approach to reduce errors in the database known as money.

Javier Marquez

Javier Marquez has been closely following the development of bitcoin and blockchain technology since 2017. Since then, he has been working as a columnist, reporting on the ups and downs, implications and developments of the cryptocurrency market. He believes that cryptocurrencies and blockchain technology will have a huge positive impact on people's lives.

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