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Jan Sanner, Norwegian FM says crypto could stabilize in long term

The Norwegian Finance Minister Jan Tore Sanner has very different views on the future of cryptocurrency. His opinion is in stark contrast with other people in the market who have criticized crypto for its volatile and unpredictable nature. The Norwegian Central Bank had also recently expressed concern over the recent crypto swings.

Jan Tore Sanner believes that the development in cryptocurrency can be seen and long-term stabilization techniques could develop that would eventually lead to a breakthrough in the cryptocurrency market. The Finance minister although warned of living in the world with unregulated cryptocurrency like its use in “terrorism” and “money-laundering”. He also said that though it has huge potential it is currently an unsuitable means of payment.

Concerns are growing in the world of finance with the rise of cryptocurrency. Cryptocurrency is a decentralized system of finance that is independent of any political influence completely dependent on market forces. Such a system of finance could be trouble for governments that exert a monopoly on cash and money to exert influence on their citizens. For this reason, many Central Banks in the world are exploring the option of having their own digital currency.

Rishi Sunak, Chancellor of Exchequer in Boris Johnson’s government, revealed earlier this year that the Bank of England is working on the Digital Pound. China already has lifted the Digital Yuan as a pilot project in four Chinese cities. Along with the US, many countries are exploring the opportunity it presents.

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