According to the Financial Stability Oversight Board (FSOC), the main agency of financial supervision of the United States, Bitcoin and other crypto-currencies do not pose a threat to the existing financial systems in the world.
An interest in technology Blockchain
In his report of 152 pages, the FSOC has stated that digital currencies are used by very few people, but that the technology Blockchain the underlying has a great potential in various industrial applications. “In reality, there is not a lot of people who every day use the crypto-currencies. We give a little more credit applications potentially broader technology called registers distributed. It is to be noted that the main challenge of this digital wave is the storage of the data. In effect, the storage is decentralized instead of being included in a space accessible by governments “, a-t-we could read in the report.
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The report of the FSOC also identifies various threats, monetary, geopolitical risks and threats to cyber security to which the financial system is facing. Surprisingly, the Bitcoin is not cited as a threat. In fact, the market of crypto-currencies has recorded a considerable growth and history in 2017. However, despite its phenomenal growth, the total combined value of the market is still well below 1 000 billion dollars, which is too weak to constitute a systemic threat to the global financial sector.
The point of view of the FSOC regarding the digital currency developed in the report is somewhat surprising, because it stands out completely with the point of view of several personalities of the financial industry. Recently, Jamie Dimon, CEO of JP Morgan Chase, has recently stated that Bitcoin was a currency fraudulent and that it should not be taken seriously.
Source : Cointelegraph