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Finland Slams Bitcoin For Being A Fallacy With Zero Value And EU Warns Against BTC Pessimists

The crypto space is always filled with news and the latest most significant ones involve the Bank of Finland and the EU.

Bank of Finland calls Bitcoin a Fallacy

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There’s a new report that has been released on cryptos by the Bank of Finland.

The paper, written by Aleksi Grym, Adviser on Digitalization and Head of the Digital Central Bank process in the Financial Stability and Statistics Department. It aims to explain how cryptocurrencies’ fundamental nature “shows how poorly understood the concept of money itself still is today” and how the Internet and social media have “muddled our sense of fact and fiction.”

The report also attempts to explain why the cryptos and the whole digital ledger technology are “accounting systems for non-existent assets” and “unrelated to the fundamental characteristics of money.”

The author of the report also compares the desire to purchase cryptos with the same intangible value as buying toys or firearms.

The author notes that other reasons for buying Bitcoin and cryptos include criminal activities and security against “real or imagined” oppression of the state. You can read the whole report here.

EU Parliament advises us to ignore BTC pessimists

There’s a new report coming from the European Parliament that states that since cryptos will stick with us for a long long time, lawmakers should not ban or ignore the digital assets but should instead inform people.

The report especially mentions the name of the Nobel prize-winning economist Robert Schiller calling those who are referring to crypto as utopia or mania, “mistaken.”

The same report also claims that crypto global transaction networks are safe, transparent and fast.

The report also adds that cryptos have an issue with financial regulators due to their trans-border nature and anonymity. You can read the complete report by heading over to the official PFD here.

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