"The analysis shows that the concept of a digital currency is a fallacy."
Using digital currencies synonymously with the term cryptocurrencies, a paper published by the Bank of Finland and written by one of its advisors argues that cryptocurrencies aren't real forms of money.
According to Aleksi Grym, the central bank's digitalization advisor, cryptocurrencies are "not currencies at all but rather accounting systems for non-existent assets."
The "great illusion," he posits, results from how "poorly understood the concept of money still is" and the rather "confusing choice of terminology" featured in the original white paper authored by bitcoin's pseudonymous creator,