Reports by representatives of the Central Bank at the Consensus 2018 conference

Cryptocurrency conference Consensus 2018 is one of the largest crypto events of the year. Its influence on the crypto market and the degree of confidence in it can be compared to the G8 Summit, but in the crypto world.

Almost every year this event had a positive impact on the cryptocurrency rate. This year’s conference has more than 7,000 participants and about 200 speakers, crypto industry experts, government representatives, regulators and consultants. 

The focus is on the regulation of cryptocurrencies, the impact of SEC decisions on the industry as a whole, recent changes in the policy of digital exchanges and the possibilities of blockchain technologies for the financial sector. 

The blockchain conference brings its positive impact to the crypto market. On the eve of the conference, the World Bank published its report entitled “Cryptocurrencies and Blockchain.” 

In the report, the World Bank recognizes Bitcoin as the “progenitor” of cryptocurrency. “He pioneered and created the entire world of cryptocurrencies,” the report says. The bank notes the weight of Bitcoin, comparing its position in the cryptocurrency environment with the position of the dollar among fiat. 

The document notes that cryptocurrencies are the most advanced application of blockchain technology: money is created without the participation of central banks, payments are facilitated since intermediary financial institutions are not involved. 

The emergence of blockchain technology has generated enormous interest in Europe and Central Asia. Governments looking to digitize and streamline government services are experimenting with blockchain technology to make it more secure and transparent. 

The World Bank believes that now is the time for countries in the region to take advantage of new digital technologies to innovate and improve the quality of their services. 

Another report cannot go unnoticed in the context of the discussion unfolding around Bitcoin. 

On the opening day of the blockchain conference, the Bank of Canada reported on the results of an experiment in the field of DLT, the Jasper blockchain project. During their research, Bank of Canada and its partners confirmed that any asset and currency can be tokenized and instantly converted, and distributed ledger technology allows for automated settlement of securities in real time. The Royal Bank of Canada is also testing blockchain for calculating credit ratings..  

All reports confirm the effectiveness of blockchain technology in banking and reveal new opportunities of the distributed registry for the financial sector.