S & P Global Ratings has published a special report Monday, February 19, entitled “the Future of banking: to become a game changer in the cryptocurrency necessary rules” which details the possible consequences of the development of crypto-currency systems for global financial markets.
Despite the fact that in early February there was a drop in traditional markets and the cryptocurrency market, Mohamed Damak, senior Director of financial services in the S&P Global Ratings, do not consider the correlation significant:
At the moment, a significant decline in the market value of cryptocurrency will be insignificant for the financial services industry. The cryptocurrency market is still too small to affect the stability or impact the solvency of banks that we rate.
According to a report by S&P, retail investors, unlike banks, would suffer most in the event of a collapse of the cryptocurrency market:
The ratings of the banks were largely isolated, given that their direct or indirect interaction with cryptocurrencies, it seems, remains limited.
Butwal also stressed the importance of regulation in the cryptocurrency field:
We believe that the future success of cryptocurrencies will largely depend on a coordinated approach of global regulators and politicians to regulate and enhance the confidence of market participants in these tools.
The report notes that the blockchain technology could lead to a “positive” fundamental change in global financial markets.
Large companies around the world are already beginning to experiment with blockchain – Chinese computer company Lenovo has recently filed a patent for a system of inspection of documents based on the blockchain.