The Financial Stability Oversight Board (FSOC) claims that bitcoin and other crypto currencies do not pose a threat to existing systems. financial systems around the world. In its 152-page report, the FSOC stated that virtual currencies are used by only a very small number of consumers and that their underlying Blockchain technology offers potential in a variety of industrial applications.

"Virtual currencies are only used by a very small number of consumers, and we give a little more credit to potentially larger applications of distributed ledger technology that underpins innovations. It should be noted that this digital wave also presents a regulatory challenge, as data storage is decentralized, rather than being in a place that governments can look at. "

Other Facts Highlights of the report

The view of the digital currency report is somewhat surprising due to the negative stance of several personalities in the financial industry. For example, Jamie Dimon, CEO of JPMorgan Chase, says Bitcoin is a "fraud" and should not be taken seriously.

The report also cites various currency threats, geopolitical risks and threats to the cyber security financial system. Bitcoin has not been cited as a threat

Digital Currency Market Performance

The virtual currency market has experienced considerable growth throughout 2017. However despite its phenomenal growth, the value is still well below $ 1 trillion and probably too low to pose a systemic threat to the global financial sector. At the same time, the potential that could be triggered by cryptocurrencies is extreme.