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Genesys Fund - Explores the Growing Government Interest in Cryptocurrencies

PORT VILA, VANUATU / ACCESSWIRE / May 22, 2018 / Cryptocurrencies are often hailed as the most revolutionary technological development since the creation of the World Wide Web. During their relatively short existence, digital coins have managed to take the market by storm, triggering an investment frenzy that pushed the price of the first cryptocurrency, Bitcoin, to the staggering $20,000 in December 2017. As the crypto space evolved, cautious voices started noting that virtual money needed stability and regulatory safeguards before it could become an accepted means of payment and investment. The proponents of cryptocurrencies never miss an opportunity to highlight the benefits of blockchain, the technology that underpins most virtual coins, and to accuse the mainstream financial system of aversion to Bitcoin and its peers because of their decentralized nature. But as leading portfolio management solutions provider Genesys Fund points out, governments around the world are not blind to the opportunities presented by digital money. While they may not be willing to approve one of the existing crypto coins as legal tender, the central banks of several countries are experimenting with the concept of a state-backed digital currency, and such projects could have a profound impact on the global monetary system.

In 2015, Ecuador became the first country to introduce national virtual money, but it was more an electronic payment system than a cryptocurrency per se. The Ecuadorean government said at the time the initiative was intended to support the US dollar-based monetary system, as well as to deliver cost-savings and enhance social support measures in the Latin American nation. That same year, Tunisia announced it would use blockchain to create a digital version of its national currency, emerging as the first country in the world to do so. Senegal became the second early in 2017. However, Venezuela is one of the first countries to launch what could be termed a proper cryptocurrency. President Nicolas Maduro unveiled his plan late in 2017, saying the government would issue El Petro - a digital coin backed by Venezuela's oil reserves. According to the latest reports, the public sale of the digital tokens attracted investors from 127 countries and raised $5 billion for Venezuela. Several other countries are considering the launch of state-sanctioned cryptocurrencies, among them Sweden, Estonia, China, Russia, Japan, the UK, Uruguay, and Israel.

Due to their decentralized nature and the anonymity they provide, digital coins have raised concerns over their potential to facilitate security issues. However, the underlying technology provides benefits that many governments seem eager to exploit, Genesys Fund notes. The combination of blockchain and state-approved virtual money offers the promise of nearly instant and transparent money transfers. Sovereign cryptocurrencies would also promote the inclusion of currently unbanked segments of the population through mobile payment systems. In addition, they could enhance public services by improving delivery, while also increasing the effectiveness and cost-efficiency of monetary policy regulation.

Launched in 2016, Genesys Fund is an award-winning brokerage focused on offering investors a superior suite of asset management solutions. It is licensed to trade forex, stocks, commodities, and other securities, providing its customers with the latest trading technologies and tools as well as expert advice. The company utilizes the popular MetaTrader 4 (MT4) platform, which gives clients 24/7 access to their personal accounts from any location worldwide.

GenesysFund - The Most Robust Asset Management Offerings Available: http://www.genesysfundnews.com

Genesys Fund on How Innovative Technologies Drive Impact Investing: https://finance.yahoo.com/news/genesys-fund-innovative-technologies-drive-181000178.html

Genesys Fund - Discusses the Importance of Investing for Retirement: https://finance.yahoo.com/news/genesys-fund-discusses-importance-investing-025000343.html

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SOURCE: GenesysFund