The headlines in the world of crypto-currencies have not been all that positive as of late. It seems that the fans of Bitcoin and other crypto-currencies really cannot catch a break as of late. They have been trying to win over fans and be seen as a more legitimate method of exchanging value, but that has failed to stick with a lot of people. Worse yet, a stream of negative headlines have hampered the ability of those who are trying to legitimize these currencies to be able to continue to do so. For example, the news that Twitter will join Facebook and Google in banning ads for crypto-currencies did not help.
All of those negative headlines are a big reason why crypto-currencies advocates are so happy to hear positive news coming out of the G20 Summit as it relates to crypto-currencies.
The summit is set to meet today and tomorrow in Argentina to discuss the impact of crypto-currencies on financial markets among other things. Some worried that elites from the financial sector would not see the real value of crypto-currencies and may trash them as not being a legitimate way to exchange value in the world. However, that does not seem to be the sentiment that the G20 Summit is going to have when it comes to these currencies.
The Bank of England Governor Mark Carney took some of the pressure off of the crypto-currency world when he published a letter stating that crypto-currencies do not pose any great risk to the global financial sector or to stability in the global financial world. That takes a lot of the heat off of one of the primary criticisms that detractors have when they talk about crypto-currencies. They always worry that these currencies are somehow going to cause the collapse of capitalism itself or something. That is just not the case though when you ask those who are in the know on these types of things.
The letter continued by saying that there is currently no rush to adopt new regulations of crypto-currencies (another positive sign for advocates). These are all sentiments that the crypto-currency community has been dying to hear. They want the rest of the world to understand as they do that crypto-currencies are not the dangerous boogieman that they are often made out to be. They are just a new way of exchanging currency that definitely has a built in learning curve to it.
Dil Bole Oberoi
