{"id":2069,"date":"2017-02-20T19:00:14","date_gmt":"2017-02-20T19:00:14","guid":{"rendered":"https:\/\/blog.holytransaction.com\/?p=2069"},"modified":"2021-07-17T04:09:38","modified_gmt":"2021-07-17T02:09:38","slug":"bitcoin-regulation","status":"publish","type":"post","link":"https:\/\/holytransaction.com\/blog\/2017\/02\/bitcoin-regulation.html","title":{"rendered":"Bitcoin regulation is necessary for its success, said Bank of Canada"},"content":{"rendered":"<p>According to a recent paper published by <strong>Bank of Canada<\/strong>, researches explain that <strong>Bitcoin regulation<\/strong> is necessary for it to reach worldwide success.<\/p>\n<p>A <a href=\"http:\/\/www.bankofcanada.ca\/wp-content\/uploads\/2017\/02\/swp2017-5.pdf\" target=\"_blank\" rel=\"noopener\">paper<\/a> published this week, in fact, suggests that\u00a0digital currencies like bitcoin won&#8217;t succeed in the long-term without any <strong>government support<\/strong>.<\/p>\n<p>To write this research, experts examinated the\u00a0viability of virtual currency, looking to previous examples of Canadian currency such as the so-called &#8220;<strong>Dominion<\/strong>&#8221; as a guide.<\/p>\n<p>This is not the first time Bank of Canada is involved in blockchain and bitcoin-related projects.<\/p>\n<p>A few months ago, in fact, we saw Bank of Canada involved in the so-called &#8220;<strong>Project Jasper<\/strong>&#8221; to develop a prototype system for issuing a bank-backed digital currency and a payment system using the technology.<\/p>\n<p>While we are still waiting to know more details about Project Jasper, the just released paper explains a common thinking among central banks on the topic of cryptocurrencies: bitcoin and other private digital currencies need goverment support to succeed.<\/p>\n<blockquote><p><em>&#8220;We conclude that well designed and managed private digital currencies could circulate widely but only with appropriate government regulation to ensure their safety, soundness, and uniformity.&#8221;<\/em><\/p><\/blockquote>\n<p>Bank of Canada has already expressed its <strong>concern about digital currency<\/strong>, saying a few years ago that digital money popularity could reduce the effectiveness of monetary policy.<\/p>\n<p><em>&#8220;A central bank can always get its digital currency into circulation, but its digital currency will not necessarily drive out existing private digital currencies,&#8221;<\/em> wrote the authors of the paper.<\/p>\n<h2>Bitcoin regulation worldwide<\/h2>\n<p>From Poland to Denmark, from Switzerland and Japan, several countries all around the world are working on Bitcoin regulation projects.<\/p>\n<p>Recently European Commission created also a task force to study and regulate digital currencies and the blockchain within the whole country.<\/p>\n<p><a href=\"https:\/\/holytransaction.com\/blog\/?s=regulation&amp;submit=Search\"><strong>Click here to read more<\/strong><\/a> about Bitcoin regulation in Europe and beyond.<\/p>\n<p>Open your free digital wallet <a href=\"https:\/\/holytransaction.com\/app#!\/signup\">here<\/a> to store your cryptocurrencies in a safe place.<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>According to a recent paper published by Bank of Canada, researches explain that Bitcoin regulation is necessary for it to reach worldwide success. A paper published this week, in fact, suggests that\u00a0digital currencies like bitcoin won&#8217;t succeed in the long-term without any government support. To write this research, experts examinated the\u00a0viability of virtual currency, looking [&hellip;]<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":2,"featured_media":530,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[542],"tags":[745,793,1365,828],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v19.6 (Yoast SEO v22.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin regulation is necessary for its success, said Bank of Canada -<\/title>\n<meta name=\"description\" content=\"Researches from Bank of Canada suggest that Bitcoin regulation is fundamental for it to have a great success all around the world. 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