The Minister of Finance, Bjarni Benediktsson, agrees with the e-currency council’s view that it was fortunate that no legislation was enacted immediately when e-coins came into view.
He believes that the blockchain technology on which bitcoin is based may be the technology of the future.
The Minister met with representatives of the council recently about the environment of electronic currency in Iceland, such as the most popular, bitcoin.
There is a growing debate about the phenomenon and in line with that, the currency continues to become more valuable. In January, Icelanders bought bitcoin for at least 600 million from Myntkaup EHF. and the value of one bitcoins has become more than 50,000 US dollars, compared to one US dollar in 2011.
A steady rise does not interfere
In a conversation between A Media and the Minister about electronic currencies, it was stated, among other things, that he himself does not own bitcoin.
“No, I’ve never traded in e-currency.” Would you like that? “I would not consider it something to try. I would not be excited about that. ”
Do you not find it boring to see this year after year become more valuable without you having anything to do with it? “No, it does not bother me at all.”
Subject to Central Bank supervision
The Electronic Currency Council recently sent a memorandum to the government stating various aspects of the current environment in this country. The contents of the memorandum were then discussed at a ministerial meeting with Kjartan Ragnar and Kristján Inga Mikaelsson. There has been some talk of little oversight of e-currency trading worldwide.
“There are parties that mediate in electronic currency trading that are subject to the supervision of the Financial Supervisory Authority, and this ensures to a certain extent an overview of the scope, which is clearly growing considerably,” says Bjarni.
He also says that there is not necessarily cause for great concern that bitcoin is being used unsupervised in illegal transactions. However, it is important that the tax system is clear when it comes to large benefits.
” It is very important that we continue to monitor closely and respond according to the situation,” says Bjarni. “One of the things that came out of the meeting was that there had been good fortune to pretend not for a few years ago have seen the future for a way to put law and rules of all creature things, but had it up to a certain extent be wise to wait and see and go in line with others in the field. ”
Does the financial system give way to a blockchain?
Bjarni says that it is not necessarily against the interests of the government to support the progress of electronic currency, which is subject to its own laws. This does not mean that e-currency is something that can not be controlled.
“What I find most interesting, however,” says Bjarni in the end, ” is to look at possibilities for states and societies based on blockchain technology.”
“Bitcoin is based on blockchain technology and now individual countries have started to look at the possibilities that blockchain can offer and it can be anything from registrations to all kinds of traceable asset transfers. This is a bit of technology of the future. It is perhaps more because I think we as a society should look more closely at how we can make use of this underlying technology, “says Bjarni.
— Bjarni Benediktsson (@Bjarni_Ben) February 16, 2021
In this way, the financial system may end up giving way to more direct transactions based on blockchain technology.
Bitcoin’s blockchain is, in short, a technology that binds information about products and currencies in a large network when transactions take place, so it will be very difficult to counterfeit money or use tricks with it. It’s safe.