European Politicians Have Recognized Crypto Currency as Alternative to Fiat Money

News/Global News/European Politicians Have Recognized Crypto Currency as Alternative to Fiat Money
28.08.2018 08:57

The European Parliament Committee on Economic and Monetary Affairs (ECON) has published a statement containing analytical research of digital currencies and indices of their impact on the economic situation in the world.

It has turned out that virtual money has a value determined by the ratio of demand and supply. It can also be exchanged for various commodities and services or converted into other currencies. It means that digital currencies can be used as a subsidiary unit along with fiat money.

In addition, the ECON realizes the fact that crypto currencies are managed by mathematical algorithms, which foresee in advance the development of deficit, which will lead to a significant increase in the value of digital assets in future.

Despite all previous data of the ECON that show difficulties of the crypto industry regulation, the European Parliament has declared that crypto currencies can be considered as a digital equivalent of value, and that their legalization is a rational decision.

Experts believe that the issue of own crypto currencies by private and public institutions can significantly increase their popularity in society, which, in turn, will increase the competitive advantage of numerous coins in the crypto market and change the currently established market situation.