Central Bank of Finland: Bitcoin Can’t and Doesn’t Need to be Regulated
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In a research discussion paper entitled "Monopoly without a monopolist: an economic analysis of the bitcoin payment system" the central bank of Finland solidified its stance towards bitcoin and its optimism in regard to the emergence of a truly decentralized financial system. As the title of the paper suggests, the Bank of Finland perceives bitcoin as a monopoly run by a protocol, not by a central entity. If developers, miners and node operators within the bitcoin network come to a consensus to update the protocol with several changes to the bitcoin codebase, they can do so by proposing a fork and completing the execution of either a soft or hard fork. While many central banks such as the People's Bank of China have expressed their negative attitude towards the unregulated system of bitcoin, the Bank of Finland stated the fact that bitcoin is not and cannot be regulated is a great advantage for bitcoin as a financial network. More to that, the Bank of Finland emphasized that the decentralized structure of bitcoin is revolutionary and it encourages economists to study the marvelous structure of bitcoin. As bitcoin matures as a technology and as a financial system, an increasing number of financial institutions and central banks such as the Bank of Finland will recognize and acknowledge the revolutionary structure and technical intricacies of bitcoin.
The Bank of Finland has released a paper explaining why the country’s central bank regards cryptocurrencies as a “fallacy”, writes Cointelegraph. The paper, reading like a film title and dramatically called the ‘The Grand Illusion of Cryptocurrencies’, was written by Aleksi Grym, whose improbable role at the bank is ‘Adviser on Digitalization and Head of the Digital Central Bank ... The easiest way to buy bitcoin in Finland is to use a trusted bitcoin broker. These services make it as simple as possible to get your hands on some BTC. Their platforms are easy to use, you can pay with EUR using everyday payment methods like your credit card or a bank transfer, and transactions are generally processed quite quickly. Finland's central bank has deemed bitcoin to be a commodity, following a determination that it does not meet the definition of a currency, or even an Bitcoin Travel Guide; Cryptocyclopedia; Buy Bitcoins; Events; CRYPTO ASIA SUMMIT . Starts in 00 days 00 hours » More. #Bank of Finland ... This paper was published by the Bank of Finland, which by no surprise is the central bank of Finland. According to Wikipedia, the bank is the country’s “monetary authority, and is responsible for the country’s currency supply”. Naturally, such an institution has a lot to lose in terms of control over global finance if something like bitcoin were to replace its freely printed fiat currency.
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