Elon Musk on settling in Mars: Dogecoin will not be the official currency but the new planet will need a cryptocurrency of its own

  • In a recent podcast, SpaceX CEO Elon Musk said the regulatory system needs a “cleansing function or garbage collection” for “counterproductive” rules and regulations.
  • The billionaire still plans to take Dogecoin to the moon literally but says it cannot be Mars’ coin for various reasons.

Building a human civilization on Mars has been the long-time dream of Elon Musk, CEO of space exploration firm SpaceX, and currently the world’s richest man. But the man has also expressed a keen interest in cryptocurrencies, among them Dogecoin (DOGE), which he calls his favorite.

Now, in a recent famed podcast with host Lex Friedman, Elon Musk has explained how cryptocurrencies and the futuristic Marsian community will interact.

Elon Musk: A rule “cleansing function” is necessary

Presently, different governments all over the world are forging laws regarding cryptocurrencies and other avenues related to them. Some of these authorities are already implementing those directives, while others are in the process of developing them. In the latter category, falls the US, which is navigating new rules for the decentralized finance (DeFi) industry, stablecoins, and crypto at large.

Speaking on rules and regulations, Elon Musk said “there has not been a cleansing function for rules and regulations.” Different from earlier times when wars “reset” systems, Musk, while noting peace is preferred, thinks the lack of a “cleansing function or garbage collection” causes rules and regulations to accumulate over the years. He says these directives are made with either good or bad intentions, and some of them are “counterproductive.” Eventually, he says, there is little people can do because they are “tied down.” He further urges regulators and legislators to place effort into abolishing detrimental rules.

When the Marsian colony is established, Elon Musk says all rules will be made by the people inhabiting the planet. Laws will not be subject to those present on Earth.

Why Dogecoin cannot be Mars’ official currency

Previously, Elon Musk tweeted that he plans to take Dogecoin to the moon, both literally and figuratively. But now, to the disappointment of DOGE fans, Musk has said the cryptocurrency will not be the coin of Mars due to synchronization difficulties.

Well, I think Mars itself will need to have a different currency because you can’t synchronize due to the speed of light… Mars at closest approach, it’s four light minutes away roughly, and then at furthest approach, it’s roughly 20 light minutes away, or maybe a little more, so you can’t really have something synchronizing… If you have got a 20-minute speed light issue, if it’s got a one-minute blockchain, it is not going to synchronize properly.

However, the techpreneur does believe the new planet will have its cryptocurrency. He added that this will not be his decision alone to make, but that of the whole Marsian community.

I don’t know if Mars will have a cryptocurrency, but it probably will, and it will be some kind of localized thing on Mars. I think cryptocurrencies are an interesting approach to reducing errors in the database called money.

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