Cryptocurrencies: Another digital gold rush? – Counting the Cost

Cryptocurrencies: Another digital gold rush? – Counting the Cost

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The world’s top central bankers have been gathering in Wyoming, US, last week for their annual Jackson Hole Economic Policy Symposium to discuss important global economic challenges.

As the world slowly moves away from the loose monetary policy that was put in place in the aftermath of the financial crisis, there’s a sense that the economy is entering a new, digital phase. So the next generation of central bankers might have to deal with issues such as the regulation of cryptocurrencies, which are rapidly gaining popularity.

This month, bitcoin, hit an all-time high. The price of the world’s most well-known cryptocurrency has soared from less than in 2012 to around ,000 currently.

Cryptocurrencies, unlike loose currency, are created using digital technology called blockchain, a borderless, anonymous way of using and creating online money. But most importantly, it’s completely decentralised. No one person has total control, so no banks. It’s value comes from the network of people using it.

So is the world headed towards a cashless economy? And is the world ready for a cryptocurrency monetary system?

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