While there was some skirmish going on between the people who support and oppose cryptocurrencies, cryptocurrencies market value has gone up, approximately or more than $700 billion. According to Article in Forbes, this will be the year of unknown crypto-currencies double in value.
Although there is news that Bank of England is working on digital currency and it may have fairly advanced plans. Whereas Nicolas Maduro, president of Venezuela declared that they will be issuing 100 million units of oil-backed crypto-currency. President Maduro surprised many when he declared the launch of crypto-currency last month. He also mentioned that the oil-backed Cryptocurrencies will lead and will boost Venezuela’s hard to access currency.
On the other hand, American states Alaska and Idaho both have issued warning over investments involving crypto-currencies. Idaho Department of finance warned people to invest with caution. According to a survey of North American Securities Administrators Association (NASAA), 94 percent of state and provincial securities regulators believe that digital currencies involve "high risk of fraud." Cryptocurrencies are also susceptible to cyber-security breaches and the high volatility of such investments makes them unsuitable in sizable amounts for many investors.
The Department of Finance warned investors to keep an eye out for red flags of investment fraud, Such as unsolicited offers, unlicensed sellers, and guarantees of high returns. Director of the state's Division of Banking and Securities, Kevin Anselm, said that crypto-currencies "aren't a typical investment." She also mentioned that people have to understand the risks of investments, and what the offer providing in return, a local news media report said.
Whereas Mark zuckerberg, CEO of Facebook says that back in 90s technology considered as decentralizing force but today the framework has changed with rising tech companies and also because of government’s uses the technology. Now many people have came to a conclusion that technology centralizes power. But there are some topics that counter, technology like encryption and cryptocurrency. Crypotocurrency is technology that takes centralize power and give back it to people which is high risk of control.
He also added that he is interested to study deep to understand the positive and negative aspects of these technologies and how we could use them for the betterment of us.
The crypto-currency stratum is may be small compared to the size of wider mainstream markets and the authorities continue to worry that the volatility in the market could one day endanger the position of liquidity providers in the derivatives markets and have a knock-on effect on other players, thereby infecting the financial system as a whole. But there are the same amounts of people on both sides so the debate will continue.