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Possibility of Virtual Currency

As we have seen, the impact of virtual currency is addressing both the positive and negative aspects of the existing payment and remittance systems while creating new challenges such as illegal use of payments and weak user protection… This duality implies that virtual currency and blockchain technology will develop beyond the remittance and payment system sectors and national and regional spaces, and as a result, have a significant impact on the real economy and financial system. For example, facilitating the transition from financial exclusion to financial inclusion is likely to have a positive impact on the developing economy as a whole.

Limitations of Virtual Currency

However, there are limits to virtual currency. As bitcoin’s severe price volatility reflects a large number of speculative transactions, there may be practical problems in accepting virtual currency as a payment and remittance system of bonus bitcoin . Regarding the progress of financial inclusion through virtual currency, related infrastructures such as the Internet and smart phones must exist, or financial inclusion and economic effects will not be expected.

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More fundamentally, the impact of virtual currency and blockchain technology is so wide that a conflict of interest among multiple stakeholders can limit the possibility of virtual currency. For example, the authority to issue currency is not only the right of the state in the existing real economy and financial system, but also the state interests belong to the state. As a result, some countries prohibit or restrict the issuance and use of virtual currencies. Some countries that recognize the usefulness of virtual currencies are also strengthening their management system for issuing virtual currencies. This differentiated policy response foretells that even though virtual currency and blockchain technology are borderless, there is a possibility of further development in the future.