The increased interest in the topic of cryptocurrency is because they have the potential to affect all spheres of activity the world’s Central banks. So, the Swedish authorities discussed the possibility of introducing a virtual crown, and Central banks of countries are considering several concepts in relation to cryptocurrencies. This is stated in the publication Felix Holtermann and Frank vibe in the German edition of Handelsblatt.
According to the authors, the first option involves the creation of a kind of digital cash that could offer issuing banks. We are talking about a new form of currency is virtual coins similar to bitcoins.
“Technical problems and huge energy costs that have bitcoins associated primarily with the fact that in this system there is no Central instance. “Digital cash” the Central Bank of such problems will not have. As in the case of bitcoin, which exists to record groups of transactions the database is in the form of a blockchain is to ensure information security, but will be managed centrally. Ultimately, this option works only if this cash will be the demand and costs of system implementation are reasonable,” indicate they.
The second option would be the new currency. However, the problem may lie in the fact that Central banks do not go to the introduction of a new currency, the rate of which will fluctuate during the course of the base currency. Analysts also do not guarantee that a cryptocurrency will be able to act as the main element of payment systems.
The third option involves the introduction of currency with a limited field of use.
“This option resonates with the first feature of his, only that in this case, digital “cash” would be used exclusively by the banking community, for example, in transactions with securities”, — writes the edition.
The fourth option is to use block chain for internal purposes of issuing banks.
“More important than the bitcoins is behind them, technology,” — said a member of the Board of Directors of the Bundesbank’s Carl-Ludwig Thiele.
Agree with him and the authors.
“Perhaps this still young technology will develop and become competitive. It is also possible that it will remain a kind of new software. In some countries citizens will be able to see the benefits that carries digital cash, allows users to make payment transactions without banknotes or credit cards,” — said Holtermann and vibe.
We will remind, in September 2017, the Bank for international settlements stated that ignoring the crypto currency Central banks can create risks for the global financial system.