The world economy is still in recovery after the global crisis of 2008 triggered by the subprime mortgage crisis in the US in 2007.
Despite the fact that it was a very long time, the crisis is still not overcome. So the Only thing that keeps the United States economy is consumer spending, which makes up about 70% of the gross domestic product of the United States. The Central Bank of Japan announced a deficit of nine trillion yen. Compared to total debt of Japan, it is not so scary, but economists openly declare that Tokyo is no way out of this situation is no longer visible, even in theory. If we talk about the EU, the British exit and the threat of default in Spain and Portugal reduced the rate of the Euro and created a lot of problems for the stagnant industry of Europe. Added complexity and such countries as Cyprus, Greece, Argentina, Venezuela, and Zimbabwe.
But lets see, what this facts mean for cryptocurrency community. The governments of these countries understand the problems of modern Economics and what problems they can create, so prepare an alternative plan. After the persistent rejection of digital currencies, the Central banks of the world have begun to declare their support and even develop their own cryptocurrency. Actively generated government groups on the development and study of cryptocurrencies and the blockchain. Such studies beginning even the Chinese government, known for its conservatism in relation to digital currencies.
"The team of the Central Bank is closely monitoring developments in the domestic and foreign markets. Digital currency is much cheaper in volume than traditional Fiat money, facilitate trade, increase transparency and reduce the risks of money laundering and tax evasion.", States the Representation of the people's Bank of China.
Famous financial investors are also starting to abandon the dollar in favor of gold and other currencies. What is meant by these "other currencies"?
This year, the gold and the bitcoin price increased by 25% and 30%. People have long refused from the use of precious metals, and so we need a new reliable payment instrument. Here the playing field appears Cryptocurrency.
