BANK OF FINLAND SPREADS FUD, CALLING CRYPTOCURRENCIES A “FALLACY”.

Finland’s central bank, on the 21st day of June, released a paper which illustrate why the firm consider digital currency as a “fallacy”. The article was titled “The great illusion of Cryptocurrencies”.

Written by Aleksi Grym, the adviser on digitalization to the bank and head of the digital central bank process in the financial stability and statistics department tries to explain how cryptocurrencies fundamental nature “shows how poorly understood the concept of money itself is today”. The little piece of writing also revealed to us how the internet and social media have disorganized our sense of fact and imagination, i.e we cannot even differentiate from something realistic and imaginative.

The initiator of this FUD, Grym defined cryptocurrency as

“an accounting system for non-existing assets”.

That is to say that cryptocurrencies are not in any way considered to be real currencies. After giving this definition, he tried to compare digital ledger technology to other record keeping systems. 

In my own view to Grym’s opinion, I think that he still lives in the dark. The quicker he realises that the world is taking another phase when it comes to making transactions, the better for him. He may be right to some extent because no one can predict the future. Like I would always say in arguments like this, ONLY time will tell.