The bitcoin revolution and the Great separation of the Central banks

The bitcoin revolution and the Great separation of the Central banks

Until now, Central banks around the world had a complete monopoly on the most important resource — money.

They formed their own rules and built his happiness. But there is a cryptocurrency, which threw the banks a call, and none of them convinced that to cope with it.

When it comes to the formation of the global economy, Central banks are large players and they have to put up with Bitcoins. However, they say “why not us?” and try to create their own version of Bitcoin.

US: “But how do we control it?”

Have too critical of the United States to Bitcoin one serious complaint – bitcoin offers far more anonymity in transactions. Thus, Central banks are a bit concerned about privacy. The US Central Bank is clearly not thrilled with the idea of creating their own cryptocurrency, because they have enough problems with tax evasion.

Jerome Powell, member of the Board of the Federal reserve, said,”There are serious problems with the creation of crypto-currencies from the Central Bank, and chief among them is privacy. Possible alternative to private sector is the solution “.

Europe: the “Land of tulips”

Overall, Europe, survived the Tulip mania in the Netherlands (the first in the history of the stock market crash, the bursting of the first bubble – approx.) of the opinion that the bitcoin mania is just one big bubble in the shape of a Tulip, and the outcome may be the same.

Vice-President of the European Central Bank Vitor constancio said

“Bitcoin is a kind of Tulip. It’s a tool of speculation … but, of course, not currency, so we don’t see it as a threat to the policy of the Central Bank”

Thus, the approach of the European Central Bank is that Bitcoin is not a threat to their monopoly on the Euro.

China: “We can do it”

China is one of the few major countries that take a tough stance when it comes to cryptocurrencies. They were not too keen on the great Bitcoin is, and most likely, decided to try to create something similar in their system. China’s Central Bank leads to try to start its own crypto currency and to issue money for their borders.

“The development of the digital economy more than ever, needs the creation of an electronic currency, issued by the Central Bank. It is essential to accelerate research and the issue of currency, ” said Yao Qian, who heads the study at the people’s Bank of China (PBOC).

Japan: “let’s see how events will unfold”

Japan has always been friendly to Bitcoin, but did not disclose to him their arms. They waited, allowing the ecosystem to grow and develop into something that they could control. Now that Bitcoin and other cryptocurrencies are on their feet, there was a deeper understanding of this phenomenon. Japan even went so far as to offer J-coin, but in the pool with his head not yet dived.

“It will be tied to the Japanese yen, and we hope that payments and transfers will be made through an application for mobile phones” — said the representative of Mizuho Financial Group, one of the institutions leading the step.

India: “No, thank you”

The biggest fear of India is that cryptocurrency provides a lot of opportunities for money laundering and financing of terrorism. This led to the fact that India’s Central Bank refused all transactions with Bitcoin and haven’t seriously thought about creating their own cryptocurrency.

According to the Executive Director of the Central Bank of Sudarshan Sen:

“As for neatnik cryptocurrency, I think we are inconvenient. Bitcoin, for example, is a private cryptocurrency. Now we have a group of people who are considering the creation of a Fiat currency. Something that may become an alternative to Indian rupees “.

UK: Viva la Revolution

Note that the UK never gets into the headlines on cryptocurrency. She has a very positive approach to the digital side of things. The UK’s Central Bank called the bitcoin financial revolution. Bank of England Governor mark Carney called the cryptocurrency part of a possible “revolution” in the world of Finance.

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