Crypto-Bubble Session To Be Held in Davos For The First Time: Concerns

post image

This week, for the first time ever the World Economic Forum in Davos (Switzerland) is holding a session “The Crypto-Asset Bubble”. Scheduled for 17:00 GMT on Thursday, January 25 Jan 2018, the session has been created in the partnership with Yicai.

As it is mentioned in the press-release of the Davos session, the value of bitcoin has surpassed unexampled levels, whereas there about other alternative cryptocurrencies. Therefore, during the session, such speakers as Robert J. Shiller, Sterling Professor of Economics at Yale University, Yang Yanqing, Deputy Editor-in-Chief at YICAI Media Group, Cecilia Skingsley Deputy Governor at Swedish Central Bank as well as others, will discuss whether cryptocurrencies will lead to the next financial crisis or not.

Reflections on Cryptos & Banks

According to The Financial Times, the financial establishments all over the globe are currently trying to answer a question of whether to stand idly or pile into virtual money. Governments are worried about money laundering in the countries. That is why the discussion has spread even to the WEF. But before the session takes place, FT offers some other commentaries on cryptos and blockchain.

For example, Adam Ludwin , who is the CEO at Chain, the company which supplies financial groups with blockchain setups, believes that virtual assets have been beneficial primarily for one reason – they are resistant to regulation. No phenomenon can stop the crypto transaction as it is made between only two parties, without any intermediaries like banks. For such views, Ludwin has been receiving much criticism.

The ex-chief info officer at UBS, which consults on ICOs Oliver Bussmann , in his turn, says that with cryptos now overshadow banks.

“Crypto-asset managers are coming up to speed like crazy because the banks are standing still while demand is rising from family offices and other big investors,” said Bussmann.

On the other hand, banks understand the threat and try to curb on crypto innovations, e.g., initial coin offerings. The chief innovation officer at Dutch bank ING Benoit Legrand says that banks accept the fact that the financial world is transforming, but some control is still necessary though.

“The world will include cryptocurrencies in the way we work in the next 10 years. But it needs to be regulated. This is absolutely key,” believes Legrand.

The ex-Barclays head, who is a member of the board of the wallet provider Blockchain, Antony Jenkins argues that the influence of cyber money on the world of finance and public currencies will be thorough.

He also does not believe that the worldwide adoption of only one cryptocurrency is in the distant future. On the contrary, it is in can be foreseen when people will be making an advantage of utilizing only one global cyber currency. However, according to his words, there will also be some disputes over it as well as losses of value in the financial system.

Perhaps, Jenkins bore in mind that if bitcoin or any other crypto became a worldwide currency that would be devastating for the banking system, as an enormous number of people would lose jobs.

Quick Look At All Crypto News And Events For November 2020
Were you too engrossed in trading left and right that you’d completely spaced on getting your monthly update of the latest events in the crypto world? Well,...
Bitcoin Era Success Story: Teen Hits Jackpot With Crypto Trading
17-Year Old Hits The Jackpot With Cryptocurrency Trading Venture The news media has been swept up in a tornado with the latest news of a 17-year-old boy...
Keep Up With October Crypto Events Checking Out This Quick Roundup
Top Crypto Market News Of October You Should Catch Up With Do you think the world is turning more crypto-crazed day by day? There’s no limit to your investments...
A Collection Of Fresh Crypto News For Those Who Missed Out
The Major Roundup On The Latest Crypto News In The World The last month has been full of events and brought even more pressure on local business pretty...
What Everyone Should Know About Tokenization
Blockchain tokenization is a means of digital representation of a right and can be done with the help of a ledger. This can be a right to asset ownership...
What To Expect From A Cryptocurrency Market In 2020
Crypto market has always been a good target for speculation, shady schemes, and "bad guys". It's also very controversial, especially for financial markets...
Ethereum Foundation Confirms Upcoming ‘Istanbul’ Upgrade
On November 7th, Péter Szilágyi announced the date of the foundations impending upgrade, known as ‘Istanbul’. This upgrade will be the eighth hard fork...
Bitcoin’s Volatility? In 2017 BTC Was More Stable Than In Its Early Days
Despite some 30% crashes in 2017, bitcoin managed to increase by total 1,400% last year, conquering the world’s financial stage. Banks are becoming more...
Stablecoin - Everything You Need to Know
What Is A Stablecoin? You must have heard of cryptocurrency which has been the recent talk of the town. Well, stablecoins are a form of cryptocurrency....
Influence of Recent Cryptocurrency Boom: Does It Still Hurt?
Crypto Exchange Gate.io Agrees With Reports Showing 51% Attack On Ethereum Classic Bitcoin is a decentralized digital currency (also known as cryptocurrency)....
What is a Security Token?
Security tokens became very popular, but do you really know what is STO?STO is Security Token Offering, which is identical to an ICO. In this, there are...
Canada Reports Blockchain To Be Amongst Its Highest Paying Industries
A report recently published by the Canadian Digital Chamber of Commerce proves that the money involved in the blockchain industry of the nation is at the...
Cryptocurrency Exchange Security Levels
The growing interest in cryptocurrencies has led to the emergence of a wide selection of both digital money and the sites where you can exchange one cryptocurrency...
Belarusbank Considers Setting Up Crypto Exchange
Last year March Belarus introduced a decree by which it legalized cryptos and some activities related to them. This made Belarus a frontrunner in the race...
Gold Pulls Bitcoin Investors From BTC, Says Van Eck Associates CEO
In 2017-2018 bitcoin bit gold as bait for investors. However, the situation is expected to change in 2019 as investors already hope more for the gold than...