EU: Cryptocurrencies Trying To Challenge Central Banks

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The European Parliament’s Committee on Economic and Monetary Affairs stated that cryptos have made financial transactions comparatively safe, transparent, and fast which is better than banks these days.

Although they admitted that they pose no threat to sovereign currencies, they do not sound quite sure, given that most people will agree on the positive impacts cryptos brought to financial transactions.

A non-profit research institute which is based in Warsaw gave an analysis recognizing that cryptos are now used globally, disregarding national borders.

The Center for Social and Economic Research also claimed that cryptocurrencies are the answer to real market demand and they will have the potential to grow as a “full-fledged private money” or even a permanent part to the global economy.

Regarding the analysis, however, the value of all cryptocurrencies scattered in the market still underweigh the value of major sovereign currencies in circulation, but there’s a probability that it could be turned around.

In addition, it was noted in Venezuela that cryptocurrencies “may” offer an alternative to unstable currency.

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