THE EUROPEAN PARLIAMENT HAS ASSERTED THAT CRYPTOCURRENCIES ARE "UNLIKELY"
TO CHALLENGE THE STATUS QUO WHAT IT COMES TO THE ECONOMIC POWER OF
CENTRAL BANKS.
The analytic research for the report was undertaken by the Center for
Socil and Economic Research, a non-profit research institute, and
what they returned wasn't entirely negative, recognizing the ability of
cryptocurrncies that are "used globally, disregarding national
borders" adding that they are "relatively safe, transparent, and fast".
The report continues to speak on the potential of virtual currencies
(or VCS, as the report puts it) becoming "full-fledged private money".
"one cannot exclude the possibility that a number of users and
transactions will increase to the extent that VCS will become a fully-
fledged substitute of sovereign currrencies in the future. We assume
that VCS have potential to serve as full-fledged private money
regardless of tjeir futire share in the overall volume of transactions
and financial assest".
Ultimately, the report judged cryptocurrencies as "unlikely to
challenge the dominant position of sovereign currencies and central
banks" at the same time as saying thet due to their technologically
sound characteristics they have a "better chance to survive and
develop as compared to their 18th and 19th-century predecessors".
The report also cites Venezuela's increase in Bitcoin mining, asking
the question "will the person feeling the troubled sovereign currency
be ready to choose a VC instead" the answer to which seems to be, (in
Venezuela's case at least) yes.
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