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Golden Observation | Comparison: Cryptocurrencies in the eyes of central banks



"Sky rise and fall" is an inherent attribute of cryptocurrencies such as Bitcoin. In the past, cryptocurrency was only a game for a small group of people. Today, Wall Street institutions frequently enter the market, and the cryptocurrency market is particularly restless.

It is precisely because of this that central banks of various countries that have turned a blind eye to cryptocurrencies in the past have to pay attention to it.

Verbal warnings from central banks

The "skyrocketing and plummeting" cryptocurrency has triggered a series of verbal warnings from central banks.

The Central Bank of Turkey bluntly stated that there are major risks in encrypted assets.

Lee Ju-yeol, governor of the Bank of Korea, said that cryptocurrencies may have a negative impact on financial stability and should work closely with the government on cryptocurrencies. At the same time, he also stated that his position that cryptocurrencies have no intrinsic value has not changed. the

Jinse Finance Market Report | BTC quickly pulled back after a strong pull, and the downward channel has not changed: According to the Huobi market, BTC began to rise at about 14:00 today, and then amplified the increase, breaking through several key resistance levels such as 6780USDT and 6830USDT. The highest reached 7150USDT. Due to the excessive deviation of BTC's increase, the correction began to accelerate after 18:00, and the local price fluctuated violently around 6950USDT. From the shape point of view, the previous large-cycle head-and-shoulders pattern has been counterattacked by the bulls, and it is difficult for the shorts to release it. The overall volatility has fluctuated sharply, but the downward channel of the daily level has not changed. As of 18:30, the specific performance of the mainstream coins on the Huobi platform is as follows: [2020/4/16]

Bank of England Governor Andrew Bailey has recently laid out his concerns about cryptocurrencies, saying financial innovations risk "going to their heads". "Frankly, I'm skeptical about cryptocurrencies. Because they're dangerous and there's huge enthusiasm in the market."

Golden Quick Review: Strong supervision hits, Cambodia is determined to clear up ICO chaos in the country: About half a year ago, on March 13, 2018, Cambodian "Phnom Penh Post" reported that Cambodian Deputy Prime Minister Sam Ahn recently announced the launch of the digital currency Entapay, And encouraged the company to abide by the law, while prohibiting financial institutions from engaging in digital currency transactions, then on April 1, a report published by the "Phnom Penh Post" indicated that Cambodia's virtual currency industry is moving forward, but Cambodia's cryptocurrency industry is moving forward. Regulatory attribution remains ambiguous. In response to the matter, the founder of the Khmer Crypto Foundation said: “It may belong to [National Bank of Cambodia (NBC)] or [Securities and Exchange Commission of Cambodia (SECC)], but it is not clear which one it will be.”

Due to the ambiguity of Cambodia's regulation on blockchain and token issuance (ICO), more and more ICO projects choose to register in Cambodia, and use local support policies to expand the application scene space, which has also caused a new round of ICO chaos , allowing some fraudulent ICO projects to make a comeback.

Right now, this carnival will come to an end. On June 19, the National Bank of Cambodia, the Cambodian Securities and Exchange Commission, and the National Police Headquarters issued a joint statement, solemnly announcing that all cryptocurrencies that are not licensed by the competent authority to promote, circulate, and trade in Cambodia are illegal. This move means that Cambodia has determined to eliminate the ICO and cryptocurrency chaos in the country, and also announced the arrival of the era of strong regulation of cryptocurrency in Cambodia. [2018/6/19]

Swiss National Bank President Jordan believes that cryptocurrencies are not liquid enough for the central bank to use them as one of the investment assets.

Jinse Finance data broadcasts that Bitcoin yen transactions significantly surpass the U.S. dollar: Jinse Finance data broadcasts that currently, among Bitcoin transactions, yen transactions account for the largest proportion, ranking first, accounting for 58.93%; USD transactions are second, accounting for 19.67% ; Ranked third is USDT, accounting for 14.06%. [2018/6/14]

The Central Bank of Kuwait issued a statement recently to remind the public to pay attention to the turmoil in the cryptocurrency market, and pointed out that cryptocurrency is not a real "currency", and only legal countries can issue actual currency as a symbol of sovereignty.

The Central Bank of Cuba has issued a circular warning citizens to be aware of Ponzi schemes hiding behind seemingly legitimate investments in digital assets. Additionally, central bank officials have unveiled a number of alleged scams operating in Cuba without a license. The Cuban central bank noted that the Cuban government does not currently endorse any virtual currency-related projects in the country and “advises the public not to participate in operations of this nature.”

Argentina, a country with high rates of currency turmoil and sovereign debt defaults, has joined other countries in warning citizens about the risks of investing in cryptocurrencies. Argentina's central bank and securities regulator recently issued a joint statement warning the public to be cautious about investing in cryptocurrencies. The statement stated that investing in cryptocurrencies may cause significant financial losses to the holders, including the possibility of losing the entire investment principal. The statement also noted that, despite the risks, cryptocurrency trading has not yet reached a level of widespread use and acceptance in Argentina.

While Canada has the world's first bitcoin ETF, the Bank of Canada still believes that price volatility is preventing cryptocurrencies from becoming a widely accepted form of payment. In its annual review of Canada's financial system, the central bank said that despite growing interest, crypto assets like bitcoin and other cryptocurrencies remain high-risk due to the difficulty of determining their intrinsic value. While the crypto asset market is not currently of "systemic importance" in Canada, that could change if a major tech company issues a cryptocurrency that is widely accepted as a digital payment method.

Norway's central bank issued a warning to banking institutions. The warning warned that large price swings in crypto assets could spell trouble for the banking system if banks continue to increase their crypto investments. Torbjorn Haegeland, executive director of Norway's Financial Stability Department, said in an interview recently: "We don't think that these fluctuations in cryptocurrencies are currently a major threat to financial stability, but if risk exposure continues to increase, it may pose a threat."

In addition to the above countries, a small number of other countries have a relatively positive attitude towards cryptocurrencies.

Danish Central Bank Governor Rhodes said that cryptocurrencies are "very speculative" assets at best.

On May 19, the European Central Bank’s financial stability report mentioned the boom in crypto assets, saying that the surge in bitcoin prices exceeded previous financial bubbles, such as the “tulip mania” and the “South Sea bubble” in the 17th and 18th centuries. However, the financial stability risks of crypto-assets appear limited for now, as these assets are not widely used for payments and banks have limited exposure, the report concluded. The report also highlighted other risks to the euro zone economy, including a sluggish labor market and subdued investment, which could lead to a weak recovery.

As an important indicator of regulation, on May 26, Federal Reserve Vice Chairman Clarida stated that he does not consider cryptocurrency a store of value or medium of exchange. Cryptocurrencies "may or may not work" and are not a replacement for money. A day earlier, Fed Governor Quarles said the Fed and banking regulators were reviewing cryptocurrency policy "at full speed." Federal Reserve Governor Brainard recently stated that while maintaining a safe central bank currency as the basis, there is room for competition, and it is very important to continuously improve the regulatory framework for cryptocurrencies. The regulatory framework should change with the development of the exchange rate of cryptocurrencies. Other regulators may play a bigger role in the cryptocurrency space than the Federal Reserve.


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