Who will win the censorship battle: Central banks or Bitcoin?

With the volatility and instability plaguing the cryptocurrency market, the World Bank, the International Monetary Fund and the Bank for International Settlements have launched a joint call for global cooperation on digital currencies for central banks, d ‘especially as nearly 90% of central banks in the world are considering launching a copy of digital currencies.

In a report prepared for the G20 meeting in Italy, John Cunliffe, Chairman of the Payments and Market Infrastructure Committee and Deputy Governor for Financial Stability at the Bank of England, stressed the importance for central banks of take into account the cross-border dimension.

While financial adviser and director of the International Monetary Fund’s Monetary and Capital Markets Department, Tobias Adrian, has revealed that the effects of digital currencies for central banks, even if they are intended for domestic use only, must exceed the state borders.

The report indicates that the facilitation of international payments using central bank digital currencies can be achieved through varying degrees of integration and cooperation, and is necessary to address the potential macro-financial consequences that digital currencies of the central bank may result.

Financial markets and e-commerce analyst Hossam Taleb believes that with the spread of digital currency trading around the world and in most countries, there is no other alternative for governments and businesses. central banks of the world than to legalize the conditions of this market and We can ignore or not treat this market in view of the momentum it has created, especially since the emergence of the Corona virus and the success of cryptocurrencies to attract many investor segments.

In his speech to Al Arabiya.net, he explained that the United States of America, which is the world’s largest economy, announced the digital dollar long ago, and this trend reinforces the need to legalize the conditions encryption digital currency market, but the issue requires controls and international action on the part of central banks, which must share the need to define control mechanisms to ensure the transformation of this market, a source of danger for economies official as an active investment partner.

He said that without establishing mechanisms for the functioning of the digital and crypto currency market and investing in it, it will remain a source of concern and danger around the world, and it can be used in illegal operations, whether in terms of money transfer and transfer or in money laundering and money laundering operations. From a source of concern and risk to a secure and efficient source of public and private investment.

In the digital currency market, as the combined market value of cryptocurrencies stabilized at the $ 1.395 trillion level, “Bitcoin” has seen an increase in the last few hours by 1.3% to hit the level of $ 34,219. Ethereum also saw an increase of 0.81% to the $ 2,141 level.