Bitcoin and other cryptocurrencies are unlikely to displace the pound sterling or the dollar, but they represent a problem for the central banks of the world, said Bank of England Governor Mark Carney.
“Cryptocurrencies are neither a means of payment, nor a tool for capital accumulation,” he said during a speech on Bloomberg television, “It’s time to apply the same standards to the crypto asset ecosystem as to the rest of the financial system.”
Mark Carney has in the past repeatedly called for tougher regulation of the digital currency market, which amounts to almost $500 billion. According to him, the volatility of the courses of crypto-currencies emphasizes the lack of any value. According to the Bank of England, the volatility of the 10 largest digital currencies in 2017 was 25 times higher than in the US stock market.
At the same time, the head of the British Central Bank again stressed that blockchain, on which cryptocurrencies are based, is promising for many spheres of the economy.
A similar opinion is shared by the Russian authorities. In particular, Dmitry Medvedev spoke about this in January. He noted that blockchain will remain and will organically enter our life, as the Internet once did, at the beginning of its development, the grandiose “bubble” puffed up, but then everything settled, while prophesying an early grave for cryptocurrencies.
And here is what business ombudsman Boris Titov wrote in his Facebook, who worked with his team, in particular, on proposals on legislation regarding cryptocurrencies:
“Blockchain and cryptocurrencies are our future, we are now working hard to make this branch civilized, I hope that we will soon adopt a law where we will write the whole terminology.” We have already created a special institute for ICOs, we launched the first social network using cryptocurrency and a token. This market take on normal shape. “
Indeed, the legal field is the first thing the crypto world needs, otherwise we will still face an abundance of scammers on this market.
Though the crypto market is still relatively new and lacks many of the traditional institutions of a civilized market, there are projects on the market that seek to indemnify or mitigate the associated risks that investors take when deciding to invest in projects. Cryptics is one such project that seeks to offer the necessary instruments for alleviating the situation with uncertainty. The concept behind it is to support market participants by providing liquidity on exchanges and a safety cushion for retail investors by creating a platform that connects market players and develops algorithms to predict changes in the value of cryptocurrencies. Such instruments based on highly advanced scoring models involving machine learning and AI are incomparable with human intuition that even the luckiest and most prudent investors could ever be endowed with. The multitude of factors involved in predicting a cryptocurrency’s rise or fall are all taken into account by the algorithms that Cryptics employs. Investors should consult such projects as the expense is well worth the ensured profit and peace of mind.