Why the Bank of Finland thinks all cryptocurrencies are fallacies
Banks and financial institutions around the world have a negative attitude towards cryptocurrencies. Although some banks have revised their views, the Bank of Finland does not seem to be among them. Its new paper on Bitcoin and other virtual currencies shows that there is still a clear lack of trust and belief in this evolving industry.
Everyone or every company has the right to put forward their own opinions and ideas. Especially when it comes to cryptocurrencies, these views can be very different. The Bank of Finland has made it clear that it believes that Bitcoin or any other cryptocurrency has no real future. This is a regrettable position, but it is not entirely surprising at this stage.
The Bank of Finland has issued a new document concerning the current form of virtual currency. The 133-page report shows that Bank of America has made great efforts on this project, although it has not yet reached any positive conclusions. Although encryption is a threat to banks, public opposition to this new form of currency seems counterproductive.
For the Bank of Finland, all cryptocurrencies are fallacies. It firmly believes that money cannot be digitized, which seems to contradict the way most banks operate today. In the past few years, with fewer and fewer physical transactions, finance has become more and more digital. As mobile payments become more and more popular, this situation will not change in the short term.
When it comes to Bitcoin's intrinsic value, there is no clear answer. For Finnish banks, Bitcoin or any other cryptocurrency has no intrinsic value. In addition, the bank believes that the Bitcoin network cannot transfer funds. Bitcoin cannot become a real currency, but for a bank, this is not entirely surprising.
These remarks against cryptocurrency came at a rather interesting moment. Considering that the prices of all cryptocurrencies have fallen sharply in 2018, those who oppose Bitcoin will naturally not hesitate to make remarks to further reduce the price of Bitcoin. Not everyone has to believe that Bitcoin will succeed.
The comments of the Bank of Finland will undoubtedly spark many new debates. The cryptocurrency industry is not without flaws, problems, and concerns. Even so, the development of the industry is still accelerating. Even the big banks recognize the potential of Bitcoin and altcoins. The Bank of Finland holds the opposite view, but it may eventually change.
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