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Optimistic forecast for digital currencies: There will be more similarities with the USD than gold, silver

According to experts, it is increasingly difficult to imagine a future without cryptocurrencies.
According to experts, it is increasingly difficult to imagine a future without cryptocurrencies.

Sharing on CNBC - the US financial information channel, some experts have expressed their views on the future of digital currencies, also known as digital currencies, cryptocurrencies, cryptocurrencies, virtual currencies ...

It's hard to imagine a future without money

CNBC said that we may not know how stocks in the S&P 500 will work in the next month or within the next two years, but over the decades, we can make predictions about their path. The fact is, most of us know what stocks are and that definition has not changed for centuries.

However, with cryptocurrencies, there are many mixed views when some predict cryptocurrencies change the way we understand and interact with money while others warn of a dangerous bubble. Regardless of the point of view, experts on CNBC share the same view that it is increasingly difficult to imagine a future without money.
Bitcoin is the world's most valuable digital currency today, valued at more than $34,000, with a total market capitalization estimated at over $643 billion, according to Coinmarketcap. (Photo: CNBC)

Financial planner Ivory Johnson - founder of Delancey Wealth Management - said that cryptocurrencies will disrupt traditional finance because one of their most attractive utilities is the ability to pay across borders quickly, at a low cost. For Bitcoin, 50 years is a long time and it can become a world reserve currency and help a lot of people become rich until it is disabled by better technology.

Frederick Kaufman, author of the famous book "The Money Plot: A History of Currency's Power to Enchant, Control, and Manipulate", forecasts that before 2071, the USD will have more in similarities to cryptocurrency than gold or silver...

"There is no doubt about the lifespan of encrypted algorithms as repository of value and means of exchange. All currencies are a form of encryption. It has been so from the beginning, as life tightens with the digital world that will motivate investment in tokens," said Frederick Kaufman.

"Miners like Bitcoin have shown usefulness in trading and investing, so they're going to be hard to come by," said Dan Egan, Vice President of Financial and Investment Consulting Betterment. However, the question is how to generate enough energy to meet the increasing demand of the cryptocurrency market is a matter of note, and whether state agencies see it as a competitor to fiat currencies.

Bitcoin and cryptocurrency will become the main trend in the next 10 years, said Dragan Boscovic, Director of the Blockchain Research Laboratory at Arizona State University.

Vietnam is researching digital currency

In Vietnam, currently, the State has not recognized any digital currency (or virtual currency) as a legitimate payment unit. At the same time, the business and exchange of digital currency is also not regulated in the legal system and is in the research stage.

Vietnam does not have legal regulations governing the granting, trading and exchange of virtual currencies and virtual assets, nor has it officially regulated the granting and trading of virtual currencies and virtual assets. Therefore, the activities of buying and selling and exchanging virtual currencies are carried out by some individuals in Vietnam through international virtual currency exchanges or through direct agreements with a lot of risks.

Credit institutions are not allowed to use virtual currencies as a currency or means of payment when providing services to customers. The State Bank of Vietnam (SBV) has not licensed any virtual currency or cryptocurrency exchanges.
Vietnam is conducting pilot research using virtual currency. (Illustration: KT)

Deputy Governor of the SBV Dao Minh Tu affirmed that Bitcoin and some other digital currencies are not ordinance currencies, it is a virtual asset, encrypted virtual currency, is a modern product of industrial development. It is not a means of payment and Vietnamese law does not allow the performance of the function of the ordinance currency in Vietnam. "Therefore, it is against the law to use this virtual currency as a means of payment or as a means of functioning as our currency."

Recently, the Prime Minister has assigned the SBV to lead research, construction and pilot use of virtual currency based on blockchain technology. The time for implementation of the State Bank is from 2021-2023.

Deputy Governor Dao Minh Tu said that authorities such as sbv, Ministry of Justice, Ministry of Finance are coordinating to implement the Prime Minister's decision to clarify management issues, legal basis for managing the business of virtual currency and virtual assets.

According to experts, the delay in enacting a legal framework for managing virtual currencies can increase the risk of fraud and misappropriation of assets in the near future.

Ts. Nguyen Tri Hieu – financial, banking expert, warned that if people participate in buying and selling virtual currency online, it will be very easy to become victims of fraudsters, if unfortunately at risk or a dispute occurs, players will not be protected by law. In particular, virtual currency trading can lead to budget losses, foreign currency bleeding, or cross-border money laundering.

In the same view, economist Can Van Luc said that management agencies soon approach research, create legal corridors for official currencies, business models in the new electronic financial environment such as e-wallets, fintech (technology finance).... At the same time, coordinate to complete the national identity database to create an ecosystem; focusing on upgrading information technology infrastructure, cybersecurity, protecting the interests of consumers, financial institutions ...

For investors, Dr. Can Van Luc recommends to stay awake, avoid crowd psychology, movement, race to put money in the field you do not have knowledge and especially should not invest too much in virtual currency channels because of the huge level of volatility that entails high risks.
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