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The Central Bank of the Czech Republic Supported Cryptocurrency

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In an official press release issued by the Czech Central Bank (Czech National Bank), the financial regulator urged people not to be afraid of Bitcoin and cryptocurrencies (even the name of the press release itself sounded like “Don’t Be Afraid of Bitcoin!”, while it begins with the words: “Prague is a Real House for a Cohesive Community of Cryptocurriencies”. In the published document, the Czech Central Bank considered the most popular judgments about possible threats with which Bitcoin and the cryptocurrency market may collide. The National Bank of the Czech Republic states on the pages of the document that traditional banks do not have any reasons be afraid of Bitcoin. According to the regulator’s experts, distribution of cryptocurrency is still insignificant in terms of scale, and all electronic transactions when using Bitcoin amount to only 16% of transactions with the Czech crown – a currency that is used by 10,5 million people.

The regulator’s application can be treated differently: from the one side, the regulator supported the cryptocurrency, noting the far-fetched nature of the many risks associated with the turnover of the virtual currency; on the other hand, you can notice the neglect in the words of the representatives at the Central Bank of Czech Republic in respect to cryptocurrency market. In their opinion, the share of Bitcoin in the world economy is so small that it is still too early to think about any regulation of the cryptocurrency market.

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