Analysts discuss risks of digital currency

The whole world today is concerned with the development of digital currency. However, it has its own risks. According to Fitch Ratings, the launch of digital money threatens the cybersecurity of many countries, making their economies vulnerable. A sharp outflow of funds from bank accounts into electronic money is also possible, which will negatively affect this financial institute, weakening its role, experts believe. It is also important that state institutions will be able to have unlimited access to citizens’ money, which will be stored in electronic wallets. In general, digital currencies can disrupt the work of the traditional financial system, analysts fear. Nevertheless, a number of countries have already launched pilot projects. The Bahamas and Cambodia are leading in this direction so far.

Translation by Saniya Sakenova

Editing by Galiya Khassenkhanova