Q2 that virtual currency can widespread without stifling

Q2 Summary and?
?Critical? ?Appraisal

 

In the article,
“Virtual Currencies and Beyond: Initial Consideration,” He,D.et.al. (2016) discuss
about the current situation of virtual currency and how it is evolving in the
world. Advance of encryption has brought a major change in global economy
transformation influencing VC as well. Now that exchanges are conducted personally
and directly that it is rapidly evolving and unpredictable. According to the
authors, virtual currency can be a good tool which can make some impacts on the
economy of one country in good ways such as better speed and efficiency in
making payments, particularly transferring across borders. Also, some of
virtual currency such as Ethereum have “smart contract” for automatically
saving system which works with block chain. On the contrary, there are some
flaws of it which also drives some illegal activities such as money laundering,
fraud and terrorist financing tax evasion. VC is still in the experimental
stage which still has a lot of tasks to manage the operation system nation and
global wide. However, virtual currency should be used properly instead of depending
on the tool too much in order to pursue for economic growth but ignoring the
influences brought.

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As it is said,
virtual currency has need to be regulated by some institutions so that virtual
currency can widespread without stifling innovations. It is true that virtual currency
has many benefits for both government side and also citizen/users side. If the government
make the regulations or low about virtual currency, they can manage the people,
company or organizations in that country. Hence the government can control how
virtual currency works in that country. From the citizen side, virtual currency
is the good investment which anyone can do if they have a tool to connect to
the internet. However, it means anyone who have huge amount of the particular
virtual currency can control the price. IMF needs to state from both government
and individual side.

 

Word Count:316

 

He,D.et.al.(2016)
“Virtual Currencies and Beyond: Initial Consideration

 Q2 Summary and?
?Critical? ?Appraisal

 

In the article,
“Virtual Currencies and Beyond: Initial Consideration,” He,D.et.al. (2016) discuss
about the current situation of virtual currency and how it is evolving in the
world. Advance of encryption has brought a major change in global economy
transformation influencing VC as well. Now that exchanges are conducted personally
and directly that it is rapidly evolving and unpredictable. According to the
authors, virtual currency can be a good tool which can make some impacts on the
economy of one country in good ways such as better speed and efficiency in
making payments, particularly transferring across borders. Also, some of
virtual currency such as Ethereum have “smart contract” for automatically
saving system which works with block chain. On the contrary, there are some
flaws of it which also drives some illegal activities such as money laundering,
fraud and terrorist financing tax evasion. VC is still in the experimental
stage which still has a lot of tasks to manage the operation system nation and
global wide. However, virtual currency should be used properly instead of depending
on the tool too much in order to pursue for economic growth but ignoring the
influences brought.

                                                   

 

As it is said,
virtual currency has need to be regulated by some institutions so that virtual
currency can widespread without stifling innovations. It is true that virtual currency
has many benefits for both government side and also citizen/users side. If the government
make the regulations or low about virtual currency, they can manage the people,
company or organizations in that country. Hence the government can control how
virtual currency works in that country. From the citizen side, virtual currency
is the good investment which anyone can do if they have a tool to connect to
the internet. However, it means anyone who have huge amount of the particular
virtual currency can control the price. IMF needs to state from both government
and individual side.

 

Word Count:316

 

He,D.et.al.(2016)
“Virtual Currencies and Beyond: Initial Consideration