Why bitcoin and other cryptocurrencies are leaving the opposition and becoming part of the financial system
So far, bitcoin and cryptocurrencies are just starting to enter real economy, with their proliferation being stymied, among other things, by the legislative restrictions passed in various countries. The SEC has recently likened certain cryptocurrencies to digital assets or securities. In contrast, the Singaporean authorities see cryptocurrencies as a legal tender rather than an asset. Regardless, the fact that cryptocurrencies are slowing gaining the recognition of regulators means that they will not become a challenge to the central banks. They are already starting to be incorporated into the overall financial system, and soon traditional market players will be ready to work with them.
“Today, banks are beginning to build blockchain networks among themselves, making it possible to speed up the exchange of information on transactions and their accounting and to store this information in a decentralized manner,” comments Vladimir Gorbunov, CCO and Co-Founder of Crypterium. “The bank’s objective in using blockchain technology is evident. The technology makes it possible to reach a consensus where none exists, guarantee a higher level of trust, and protect the entire system. That is why banks are actively integrating blockchain and will continue to do so in the future.”
Source/More: Cryptocurrencies Versus the Central Banks