While Bitcoin climb is beyond the last astronomical 15,000 US dollars, there is not only euphoria, but also doubts, skepticism and fear of the next uncontrolled tulip to the crypto currencies – especially by state authorities and central banks.
When governments, state institutions and authorities are asked, there is no consensus as to how to handle the emerging economic power outside of conventional control. On the contrary, depending on which spot of our earth falls the eye, there is rather a patchwork of state answers instead of a unanimous tenor.
To regulate or not to regulate – that is the question. And the guards of the world economy are in disagreement.
While those who want to force a market power, crypto currencies know the money status, do not even see the responsibility or consider the monetary risk as too low, others get back to the blow. With the regulative lasso they want to move the digital currencies back into the safe hands of the authorities.
The following overview goes on a journey around the globe. It aims to provide an overview of the global situation and – without any claim to completeness – to disclose differences in state approaches.
The top dog and world leader of the Blockchain implementation, Estonia shows up to the end as a great advocate of crypto currencies. Bitcoin & Co. need not fear regulation in the Baltic States. Rather, the Estonians are inspired and pursue efforts to issue their own crypto currency, the Estcoin. For example, the director of the Estonian e-residency program, Kaspar Korjus, proposed such a digital currency in August. This would give Estonian citizens the opportunity to certify digital documents from anywhere in the world.
However, ECB President Mario Draghi promptly objected to that. His argument: There must be no parallel currency in the EU besides Euro. However, the enthusiasm of the Estonians for crypto currencies is likely to have caused little cloudiness – the Estcoin website still exists today, and as their recent blog post suggests, the idea of Estcoin is far from over.
Similar to Estonia, Sweden is foregoing central bank intervention. Rather, the central bank of the country is enthusiastic about its own use. Since 2015, the Scandinavians have been forging plans to become the world’s first cashless country. This time around, the country’s central bank, the Riksbank, is exploring various ways in which they can issue a digital currency and how it can be technologically implemented. Away from the cryptocurrencies, Sweden, like Estonia, is one of the pioneer states with regard to the further use of Blockchain. It has been known since 2016 that Sweden is researching a Blockchain solution for its land register entries. At the end of May this year, the last test phase was successfully completed.
Like its neighbor Sweden, Norway is currently not just betting on the regulation of Bitcoin. Even in the land of the fjords you place your hopes in your own crypto currency. The Norwegian Central Bank is currently investigating the possible issue of a digital payment alternative. Norge Bank vice-chairman Jon Nicolaisen said in a letter from the Norwegian Academy of Sciences about the current differences between traditional money in bank accounts and the ever-expanding digital currencies in May.
In Central Europe alone on further corridor is one of the smallest states. The Netherlands is one of the EU’s strongest believers in cryptocurrencies and sees a lot of future potential in them. While some Dutch commercial banks already work on their own wallets or set up Bitcoin machines, the country’s central bank has its own plans, similar to those of its Nordic neighbors. Already two years ago, she launched her crypto-pilot – the DNBcoin. During the presentation of its results, project manager Ron Berndsen called it “naturally applicable” also in the past year to complex financial transactions. It is therefore not unlikely that this will also be used in mass production in the future.
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