Industry leaders, experts and pundits came together at the ICE VOX 2018 to discuss the latest and hottest gambling related topics.
The issue of a central bank crypto currency came into play, and speakers gave their insights in the Future Tech: Future Regulations panel. Bank of England representatives brought this topic up at the end of 2017 and the news sent shockwaves among crypto currency owners.
The arrival of a crypto currency backed by a central bank could have a significant impact on Ethereum and other technologies. Several experts stepped into the spotlight to discuss this topic and among them was the general director of gambling regulation in Spain, Juan Espinosa Garcia.
Bank governors in general and Bank of England’s Mark Carney in particular see the upsides of using blockchain technology. It can help financial institutions speed of transactions and make the process more transparent.
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Not all of the changes brought about by a central bank backed crypto currency would be for the better, as the speakers highlighted. This could bring serious threats to financial stability, by allowing parties to transfer money without a centralized intermediary. Transactions will be faster, but the threats of bank runs of massive proportions are also real.
The Dawn of Official Crypto Currencies
The speakers and experts debating the issue at ICE VOX 2018 agreed that while official crypto currencies are not around the corner, they shouldn’t be ruled out. As long as enough demand and necessity exist to create them, digital money backed by financial institutions and central banks will appear.
The most likely outcome is that changes will be rolled out gradually instead of a massive scale across the entire economy.
Only after the obvious hurdles will be overcome shall central banks venture into uncharted territory. Crypto currencies are here to stay and financial institutions will try to harness their power, without hurting their business. The bottom line is that the major obstacles need to be surpassed before central bank backed crypto currencies can become mainstream.
More exciting news are sure to be lying ahead of us!