On Friday, European Parliament issued a research study on the basis of “Competitive issues that Sector of Financial Technology (Fintech)” is facing. The European Parliament Committee on Economic and Monetary Affairs [ECON] was in charge to accomplish this study. They supervise the decisions taken by the EU’s European Central Bank (ECB).
The document was revealed that if the bank authorities were to release their own digital currency. Since it could be the end for the existing cryptocurrencies.
The Authors of the publication at the Police Department A: Economic and Scientific Policy wrote,
“The arrival of permission cryptocurrencies promoted by banks, even by central banks, will reshape the current competition level in the cryptocurrency market, broadening the number of competitors.”
“However, the market power of banks in traditional banking services might be used to limit competition in the cryptocurrency market through pre-emptive acquisitions or predatory pricing schemes.”
The report by ECON presents the cryptocurrency analysis; also, the document explores the future of personal finance, banking, insurance, wealth management, and forex.