The parliamentary Committee on economy and financial policy of the European Union (Econ), tracking the implementation of the decisions of the European Central Bank (ECB) has published a report on competition in the field of financial technologies. Its authors came to the conclusion that if banks and Central banks will release their own cryptocurrency, bitcoin and its counterparts could be affected.
In particular, the authors of the report, released by the Department for the supervision of the economy, science and quality of life, saying:
The emergence of cryptocurrencies, officially produced and distributed by banks, even Central, will change the current level of competition in the cryptocurrency market. Traditional banking services can use its dominant position to restrict competition in the stock market with the help of preventive purchases or dumping prices.
According to experts, Central banks and commercial structures can make bitcoin and other digital currency to leave the market or to deprive them of access to financial institutions, leaving users with no exchanges or wallets.
The authors of the report also came to the conclusion that the threat bitcoin may be the lack of competition in the mining industry. Besides cryptocurrency, the report covers such things as banking, foreign exchange trade, wealth management and personal Finance.
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