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Bitcoin threat: Can we imagine the world without World Bank?


Oct 27, 2017 Posted /  10724 Views


Bitcoin threat: Can we imagine the world without World Bank?

In the thick of the various discoveries made by those who stashed their cash in Cypriot banks is that the island's government can possibly stop them moving their money anywhere. Capital controls are supposed to be a history now, an invention of the pre-globalised world. But it turns out that when banks are scared, the gloves come off. One of the effects of the awakening seems to have been a surge of interest in a virtual currencies like Bitcoin. At any rate, the price of a single Bitcoin reached $6,000 at one point last week, which tumbled a few dollars few days back. The Bitcoin craze is one of the most interesting things to have happened in the digital world since the invention of the peer-to-peer networking that undermined many businesses.


Some questions to Bitcoin


Bitcoin have raised all kinds of intriguing questions. Is it a bubble? At the moment,it is uncertain to answer. Is it legal? In some countries, Yes, it is, while in many countries it is not. Is it technically breakable? Probably, yes, not because it's badly designed, but because everything based on software will have vulnerabilities and flaws. Is it innovative? Spectacularly yes. Will the authorities in every jurisdiction hate it? Emphatically yes, and they will use Bitcoin's affordances, for example money-laundering, to justify their hostility, but basically it's just because they can't stand the idea of a currency that can't be debased to political order.


Is it possible to replace World bank with crypto-power?


If the world bank and central banks don’t join the forces, they risk being cut out from intermediation as well as surveillance. They also run the risk that payment service providers might move to another currency areas with an institutional environment that is more attractive for traders. Neither can be in the interest of monetary authorities, even if the technical or legal challenges of engagement are big. If Bitcoin replaces every traditional payment system then the position of World bank and other banks might diminish as Bitcoin do not need any authority to control.


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Tags: bitcoin Regulations world bank threat Bitcoin craze

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