Bitcoin Dominate World Markets – Central Bank Can’t Ignore

Bitcoin Is The Future

Bitcoin Dominate World Markets – Central Bank Can’t Ignore

The bank of international settlements has released a statement about the status of Bitcoin. Apparently, Bitcoin poses a threat which could destabilize the financial system. This alert has risen due to the high growth of Bitcoin.

This situation has let the central bank in a dilemma to decide whether to issue a digital currency and also decide how it will be controlled. However, some countries might not be favored by this move.

Since Bitcoin is not controlled by any governments or institutions, the central bank is worried about its lack of control. Therefore it will be difficult for them to control the economy, financial and monetary policy consequences.

On top of that, there is an issue of security, like hacking involved. Until they find out how to control this factors they remain reluctant to join the fast-moving train of Bitcoin.

Bitcoin Dominate World Markets – Central Bank Can’t Ignore

This follows after China banned domestic trading of cryptocurrencies. In addition to negative vibe from Major companies calling Bitcoin a fraud.

Bitcoin growth waits for no one since the people’s faith in Bitcoin is raising at the speed of light, we have seen payments go mobile and more and more investors pouring to invest in the world of the blockchain.

They find the advantage in cheap, speed of clearing and settlements more convenient in Bitcoin than in any other services. This has alerted central banks to join Bitcoin technology. It is a common belief now amongst the investors of Bitcoin that Bitcoin will revolutionize the financial institution.

More banks have begun creating their own cryptocurrencies now to test the water and testing the market, and this seems to be the norm with all developing countries now.

Right now the USA Federal Reserve is slowly considering walking into the cryptocurrency marketing since they have begun studying how they can make it safe for everyone to use. The cyber attack, privacy, and counterfeiting seem to be their primary concern.

the central bank is currently considering to create a cryptocurrency for the public that can be controlled only by them, how the units are issued.

The question remains if they will be able to eliminate this issues of security, privacy, and cyber attack?

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