Cryptocurrencies and their underlying technology “will affect our future, the way we are trading, and the way banks behave,” Romania’s Business Environment Minister believes.

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Ilan Laufer – Romania’s Minister for Business Environment, Commerce and Entrepreneurship – told national news agency AGERPRES on Friday that he “strongly believes in the idea of cryptocurrencies”.

According to Laufer, bitcoin and other crypto coins along with their underlying technology will influence our future and become a challenge for the banking sector. The minister talked about the necessity for regulation, stating that cryptocurrencies and blockchain technology should be examined, properly understood and implemented in the real economy.

“I strongly believe in the idea of cryptocurrencies. I believe the development of this new industry will affect our future, the way we are trading, and the way banks behave. It is a challenge for the banking sector because this area is not well regulated. I think it should be [regulated]. We need to understand it, analyze its good parts and find a way to implement them in the real economy. There’s a lot of money in cryptocurrencies. This new industry has taken the world by storm and various countries are speeding up the development of legal procedures,” Romania’s Business Environment Minister said.

“When we talk about cryptocurrencies, we talk about bitcoin more than anything else. This market has a special dynamics, it is a more volatile market than a normal market. It can attract large investors, and that’s already happening. It is a new system that relies heavily on the confidence of those who use blockchain technology and cryptocurrencies. It’s a bit different from other listed stocks or other properties that can be bought through stock exchanges,” Laufer explained.

Laufer acknowledged that cryptocurrency investments “may be risky” for those who act on impulse and are unfamiliar with the market.

Sources: profit.ro, AGERPRES