Professor of Kingston University: Regulation of Bitcoin is Inevitable
December 14, 2017
"Bitcoin's popularity boost is due to its ability to make payment transactions bypassing banks."
According to the professor of economics of Kingston University Steve Keen, this fact will serve as the reason for Bitcoin regulation in the near future.
The professor pointed out in his interview with RT Channel:
"The most interesting thing in launching futures is that the supporters of the cryptocurrency express rather a favorable attitude to it. As one of the commentators in the studio has recently said, the main reason for such a boom for these derivatives is that almost everyone wants to buy them, but no one is going to sell them."
Also, Keen expressed his concern on the irreversibility of fraudulent manipulations related to cryptocurrencies:
"Regulation is the only way for digital currencies to continue their existence. In the meantime, they will be constantly exposed to all kinds of fraudulent actions."
The professor added that if Bitcoin had previously sought to decentralize processes, now it became an integral part of the global economic market, and it was going to accept the "rules of Wall Street."
"In my opinion, the very idea of a currency independent of states is nothing more than a fantasy."
He noted that another reason for the cryptocurrency's popularity is the blockchain technology, which lies at its core. Keen admits that he concedes the application of this technology in the banking sector and considers it efficient:
"Blockchain will allow central banks to offer and distribute their own coins. Now central banks interact only with the banking sector and a number of other financial institutions. However, with the help of this technology, they will interact with either of us. It seems to me that this could solve the problem with credit money made in 'debt bubbles'. "