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Until now, disputes about what is actually a crypto-currency - a financial instrument, a commodity, a payment instrument or something else, that does not fit into the existing classification of assets and require a new definition for the world of modern finance, have not been abated yet. This age-old question about the nature of bitcoin has become a cornerstone for regulators and legislators of many countries.
In recent years, more and more countries are questioning the regulation of digital currencies. At the same time, the authorities of some countries interpret the crypto currency as an asset, others as a means of payment, others as a commodity, and the fourth ones do prohibit the circulation of digital currencies. The latter include Vietnam, Lebanon, Bangladesh and other developing countries with a not very stable economy and national currency. The leadership of such states often generously "feeds" their citizens with statements about the "risks of financial pyramids," "high volatility," and that digital currencies are allegedly used only to implement criminal schemes.
Obviously, most regulators of such countries are afraid that the usual tools of monetary policy will simply lose their former effectiveness, and the population as a result will give preference to crypto-currencies, if not for everyday exchange, then at least to maintain value in conditions of galloping inflation and lack of confidence in the banking system.
At the same time, the demand for crypto-currencies is also expressed by residents of developed countries, where the economy is relatively stable, and banks inspire much more confidence than, say, the financial institutions of Kyrgyzstan or Uzbekistan. And the motives of crypto investors from the US, Japan or South Korea are not necessarily related only to speculative interest, fueled by the extremely high yield of digital currencies in comparison with traditional financial instruments (such as stocks, bonds or bank deposits).
More and more people are beginning to realize that the world of traditional finance is far from ideal. Much becomes clear, if you quickly examine the infographics on the site of Visual Capitalist. So, at present the volume of the world stock market is $ 73 trillion, which is roughly comparable with the world GDP ($ 74 trillion). Probably there is something wrong here, because not only large corporations, but also non-public small and medium-sized businesses, private entrepreneurs or, in other words, millions of ordinary people produce goods and services.
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