Events in Russia and Korea show that some organizations and individuals using cryptocurrencies have developed their own fraud model. Cryptocurrency is perceived as a threat by states because it can be easily used in illegal activities such as money laundering and tax evasion.
Since these coins are kept in virtual ledgers and these ledgers are on the computers of millions of users in a way, it is a serious risk that they cannot be followed by a central authority, while banks and non-governmental organizations increase the pressure on the states concerned.
Today, when the world economic order is reshaped with the shocking effect of the pandemic, crypto money has become a favorite of the countries of the world with its politically unaffected structure, untraceable blockchain and fast profit-making shares.
While states want to control the money, which is a symbol of sovereignty, through central banks, even digital, many states have taken action to issue their own cryptocurrencies; It is conducting its first cryptocurrency trials with Dubai (Emcash), Japan (J-Coin), Venezuela (Petro), Estonia (Estcoin), Sweden (E-Krona), Russia (Crypytoruble).
China’s central bank, the People’s Bank of China (PBoC), has officially confirmed the news that the country’s official digital currency will begin to be tested, and stated that the tests will begin soon in the country’s capital, Beijing. The digital Yuan is expected to be ready by the winter Olympics.
Kenneth Rogoff, Professor of Economics and Public Policy at Harvard University, suggests that digital currencies could explode the market size over the next five years. Rogoff claims that the volume of the markets will climb to 5-10 trillion dollars in five years.
In the report of Oxford University, which examines the transaction volume in the crypto market; With the spread of Covid-19 cases in the world, it is seen that the volume of crypto money increased between January 1 and March 30. The researchers explain this by the decentralized nature of crypto transactions and the fact that investors turn to crypto to keep their money safe when they lose trust in the government and banks.
We will see together whether the rising trend of crypto money will continue in the naxt months.
Visits: 68
