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How Cryptos Can Complement Conventional Monetary Systems for Governments

How Cryptos Can Complement Conventional Monetary Systems for Governments

  By David Drake Cryptocurrencies continue to dominate the financial market, particularly after their explosive growth in 2017. As such, they have attracted the attention of central banks in different countries. Towards the end of 2017, central banks in seven leading economies, the G7 countries, indicated that they would start acquiring cryptocurrencies for purposes of strengthening foreign reserves. Coming at a time when investing in digital currencies was a preserve of tech savvy investors, the move by central banks was largely viewed as a win for virtual currencies by most industry players. Owning Virtual Currencies In some countries, central banks have gone a notch higher and have started considering development of their own digital currencies. Riksbank, Sweden’s central bank, has already started to explore possibilities of introducing a virtual currency known as eKrona. Russia is also looking into the possibility of introducing cryptocurrencies in the country. The Russian government has ... Read More »

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