Bitcoin Not a Threat to Financial Systems, Says US Chief Financial Regulator
According to the Financial Stability Supervision Board (FSOC), the main American financial supervisor, bitcoin and other cryptokular currencies do not threaten current financial systems around the world. In its 152 pages report, FSOC said that virtual currencies are used only by very few consumers and their underlying block channel technology provides the possibility of various types of industrial applications.
"Virtual currencies are used only by very few consumers, and we give a little more credit to potential large applications of distributed laser technology, which lead innovations." It also presents a regulatory challenge, because the data collection is decentralized, rather than the governments that can see instead of being in that place. "
Other highlights of the report
Due to the negative position of many personalities in the financial industry, there is some surprise with regard to the report on digital currencies.
One example is a recent statement from Jamie Damon, CEO of JP Morgan Chase that bitcoin is a "fraud" and should not be taken seriously
The report also cited various currency hazards, geo-political risks and cyber security threats coming before the global currency system. Bitcoin was not told as a threat Digital currency market performance
The virtual currency market has increased significantly in 2017. However, despite its unprecedented development, the combined combined value of the market is probably below 1 trillion dollars and possibly less to create a systemic risk for the global financial sector. At the same time, the ability to be started by Cryptocurrency is extreme.