Cryptocurrencies have certainly left a mark in history. And what will be the future of them, time will show. Meanwhile, cryptocurrencies carve their way into our lives.
The blockchain, a unique technology that is applied for creating cryptocurrencies, pushes the boundaries of the finance world and enters into other spheres. However, its main purpose is still creating of the new money. This process grabbed interest of some major players. Recently it has been revealed that some global biggest banks plan to issue their own cryptocurrencies. Among them there are such financial giants as Barclays, Credit Suisse, Canadian Imperial Bank of Commerce, HSBC, MUFG, and State Street. Initially, UBS had generated this idea, and then Deutsche Bank, Santander and BNY Mellon borrowed it. Currently, ten banks plan to introduce their own cryptocurrencies. If the blockchain technology attracted attention of bankers, then it must be a really worthy invention. Haider Geoffrey, the head of strategic investments and innovations in financial technology at UBS, said that the technology will be applied for conducting interbank transactions while creation of cryptocurrency is the next step. However, Mr. Geoffrey added that this issue has already been brought up for discussion with monetary authorities.
Meanwhile in Russia, cryptocurrencies are treated like unknown objects so some Russian policymakers think that it is better to ban them. Deputy Finance Minister Alexey Moiseyev suggested that digital money should be regulated just like financial assets and private individuals should be prohibited to buy them.
