I do not thing crypto currency causes any problems to the financial sector because crypto currencies are after all valued in terms of fiat currency. 1 BTC does not make sense until it is valued in terms of USD
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The reason most nation are trying to come up with their own cryptocurency version is to be in leauge with the morden currency trend.But their own version will not be as unique as the blockchain version,because of the volatility.Theirs will be control by the state.Governments and banks around the globe are either investigating or applying the blockchain innovation right now. The significance of this innovation is verifiable. Be that as it may, Blockchain has a few kinds and not every one of them appreciate completely decentralized status. Subsequently, the ramifications may be distinctive dependent on the area applying the innovation.
A few nations are pushing ahead to embrace this innovation. The methodologies can differ from either giving their own digital money or applying blockchain innovation, for example, nigeria (blockchain technique 2022).
However، the main inquiry is : how much will these digital currencies and their blockchain be like their current structure?.
Actually the volatility of cryptocurrency is very good. It's very good for investors. When the price of cryptocurrency is dropping that is the time to buy or invest. When the cryptocurrency price is going up that is giving a signal to the investors to sell in order to take profit.The problem I see that Cryptocurrency poses to financial sectors of every Cryptocurrency-accepted country is that it fluctuates very faster than the real value of money. Investors in bitcoin have more to worry about than people with their money saved and invested with financial institution.
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The problem I see that Cryptocurrency poses to financial sectors of every Cryptocurrency-accepted country is that it fluctuates very faster than the real value of money. Investors in bitcoin have more to worry about than people with their money saved and invested with financial institution.
Speak for yourself but Nigeria is not in support of the use of crypto currency,the leaders are incompetent and they lack vision,they banned crypto currency only to bring their own crypto when we've not even sorted internet banking yet and the crypto currency they are introducing is not even on the block chain networkGovernments and banks around the globe are either investigating or applying the blockchain innovation right now. The significance of this innovation is verifiable. Be that as it may, Blockchain has a few kinds and not every one of them appreciate completely decentralized status. Subsequently, the ramifications may be distinctive dependent on the area applying the innovation.
A few nations are pushing ahead to embrace this innovation. The methodologies can differ from either giving their own digital money or applying blockchain innovation, for example, nigeria (blockchain technique 2022).
However، the main inquiry is : how much will these digital currencies and their blockchain be like their current structure?.
This iss actually a major concern for any government to be worried about,because it will really cause a great imbalance in the economy of any nation.And also the issue if terrorism funding is another issue.The only threat I think cryptocurrency poses to the economy of the world is that a lot of people would withdraw their funds from the bank and use it to purchase crypto and that will make the finance and economy crumble which will force the government to ban crypto currency from their nation ( I hope am on point)
One of the issues that most contries are very sceptical about the cryptocurency trading market is because the cannnot actually have a control over the financial economy if it is introduce,and the fluctuations can actually make any eonomy go into crisis.The major problem cryptocurrency dependence poses to the financial sector of most countries is in its volatility and/or little to no control. We've seen massive price fluctuations in cryptocurrency recently. How do a government write a budget depending on a currency value they have no singular control over? They may wake up the next day to find out the market has dipped by 35% throwing everything into disarray.