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Cryptocurrencies: Will Central Bankers Board the Train?

Two weeks ago, in December, the Bitcoin price plummeted. Within just 9.5 hours, the cryptocurrency lost more than ten percent. And eventually it dropped 17 percent on the virtual floor within 48 hours.

THE POSSIBLE CAUSE: A single Japanese insider sold his bitcoins in large quantities. With his corresponding message on Twitter, the sell-off apparently only really got going. On Friday morning, the currency traded on various trading platforms to under $13 000, heading for $12 000.

To top it off, it also became public that the South Korean intelligence service suspected state hackers from Communist North Korea of ​​stealing more than $80 million in cryptocurrencies.

Affected in February 2017 was the South Korean platform Bithumb — one of the five largest in the world. Some 1.47 million registered users exchange around ten percent of all Bitcoins available worldwide.

In the face of such turbulent developments, more than ever, the question arises: “To regulate or not to regulate?”

Will cryptocurrencies be used for state control measures? The answer varies from country to country and depends, above all, on the local economic tradition.

But not all decision-makers watch the development in this area with doubt, skepticism or even fear. A consensus on how to deal with the emerging economic power outside of conventional control, is far from being realised. The guardians of the world economy are divided.

In particular, the authorities in four European countries believe that they have recognized the potential of cryptocurrencies. Currently, Estonia, Sweden, Norway are planning their own virtual currencies.

Estonia is leading the pack of hopeful regulators. Bitcoin, Ethereum, Ripple and all the other cryptocurrencies need not fear regulation in the Baltics soon. Rather, the Estonians are already working on their own national cryptocurrency, the Estcoin.

The Swedes are also making plans. They have wanted to be the first cashless country in the world for some time now, also with the help of Blockchain, Bitcoin’s technical platform. It has been known since 2016 that Sweden is researching an appropriate solution for its Blockchain register entries. At the end of May 2017, the test phase was successfully completed.

Norway’s authorities are also refraining from regulating Bitcoin and are planning their own coins instead. The Netherlands are at the top of the list. While the country has some commercial banks working on their own wallets and those have even set up Bitcoin machines, the central bank has already started its own crypto currency: the DNBcoin.

As Bitcoin and other cryptocurrencies become more important, many more governments will surely jump on the bandwagon.

But this is not really a cause for joy. At this point, the basic idea of ​​Blockchain technology has been called into question: the decentralized authentication and transaction of ownership.

Bitcoin and Co. enable the transfer of values ​​without supervising and regulating intermediaries. It is questionable whether a cryptocurrency issued by central banks will comply with this basic rule.

Central bankers are increasingly thinking about possible measures to control the cryptocurrencies. In the future, we will certainly be able to observe more than less regulation, and political action may follow soon.

Shmuel Hauser, the chairman of the Israel Securities Authority, wants to ban companies based on bitcoin and other digital currencies from trading on the Tel Aviv Stock Exchange.

Singapore’s central bank last week issued a warning against investment in cryptocurrencies, saying it considers the recent surge in their prices to be driven by speculation and that the risk of a sharp fall in prices was high.

Bitcoin extended its recovery in holiday-thinned trading this week, rising more than a third from last week’s lows.

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Source: Free West Media

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5 Comments

  1. 2 January, 2018 at 5:26 pm — Reply

    Although I must admit I’m not well-versed on the virtual currency issue, even I can see the real possibility of Bitcoin and others being the tool to groom the world into a cashless society. The fact that Sweden wants to be first one in line should be a huge red flag. Privacy? Oh, that won’t last long at all once the Divine Right of Government declares regulatory power over it.

    There is also the issue of timing that’s suspicious. Now, when the economy is teetering on the edge of the biggest crash in our lifetime, and the war cries against Iran/Russia grow louder every day, it’s no cohencidence that virtual currency would be booming. After an economic depression and the devastation of world war, what better to sell on the people for a bright, new, shiny, privacy-free, tax-happy, future full of total government control than a society based solely on digital currency? At least you can burn fiat paper money for warmth in the depression; digital currency is truly worthless. One of the best things people all over the world could do right now is resist this orchestrated trend and revert back to using paper currency even more.

  2. cc
    3 January, 2018 at 6:05 am — Reply

    Trading one fiat currency for another.

    The money powers will employ every artifice to maintain the international monetary system.

    Capitalism: heavy taxes, heavy interest rates, heavy debt.

  3. Dafydd
    3 January, 2018 at 4:23 pm — Reply

    Evidence points to Bit coin being an NSA engineered psyop to roll out one-world digital currency
    http://www.thetruthseeker.co.uk/?p=162649

  4. Walt Hampton
    3 January, 2018 at 11:42 pm — Reply

    If you can’t hold it, you don’t own it.

  5. M.stieg
    7 January, 2018 at 8:47 am — Reply

    Here’s the thing. India became the first country to go cashless. Their government urged all its citizens to give up their 1,000 and 500 rupees, in exchange for new currency. It was all a lie. They were never given back any currency at all. Many in India have no bank accounts. With cryptocurrency it forces some to have a bank account. This is one way Jews control our money. Another thing happening in India is the entrenchment of personnel, meaning they are forced a certain salary dictated by government/banks. India was the guinea pig in cryptocurrency and entrenchment of personnel. They’ve had economical meltdowns since then.

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