It’s been almost eight years since Bitcoin was establishes the Central Banks across the world are growingly understanding the potential up and downsides of digital currencies. The custodians of the global economy have two set of problems to place. The first is about what to be done, if anything about the growth and urgency of private crypto currencies that are attracting increasing attention with the Bitcoin, which is now streaming towards $10,000. The second question is whether to affair official versions.
Here are some of the overviews of how some of the World’s largest Banks are addressing:
U.K.: Active Revolution
Mark Carney, Governor of the Bank of England has marked crypto-currencies as a part of an active “revolution” in the field of finance. Last year, the central bank began with a “financial technology accelerator”, a Silicon Valley practice in incubating young companies.
U.S: Privacy Fret
The investigation into crypto-currencies of the Federal Reserve is in its initial days and it’s not been that much interested of the idea of answer issued by Central Bank to Bitcoin. Chairman nominee and a board of member, Jerome Powell said earlier this year that technical problems stays with the technology and that risk management and governance will be critical. Privacy issue may seem as a problem, and the job may be done by the private-sector companies.
China: Ripe Situation
China made it very logical that central bank has total control over crypto-currencies. The Bank of China of People believes that the situations are ripe for them in embracing the technology. But it had crack down on issuers of private digital. Banning exchange trading of others and Bitcoin.
Germany: Theoretical Plaything
In a country where majority of the individual prefers paying in cash still, the Bundesbank has been particularly cautious about the emergence of other virtual currencies and Bitcoin. Curl Ludwig thiele, a board of member said in this September that Bitcoin was more of a theoretical plaything than a mode of payment.
India: Not Permitted
Central bank of India is opposed to crypto-currencies having said that they can be a channel for laundering money and financing to terrorists. Currently usage of crypto-currencies is violating the rules of foreign-exchange.