ESMA Regulations – What Will Less Leverage Mean? | Trading Forex
The European Union has published new regulations applying to retail Forex, CFD, and the few remaining binary options brokerages in its territory. If you have an account with one such brokerage, the regulations will affect you when they come into force during the late spring and summer. This article will outline how the new regulations will impact your bottom line.
Details of the New ESMA Regulations
In March 2018, the European Securities and Markets Authority (ESMA), the financial regulator and supervisor of the European Union, announced new regulations concerning the provision of contracts for differences (CFDs) and binary options to retail investors. It is unclear exactly when the regulations will come into force, but some time in May or June 2018 looks to be the most likely date, and Forex and CFD brokerages located within the European Union (including the United Kingdom, for the time being) will be forced to comply. The regulations will need to be renewed by ESMA every three months to remain in force over the long term.
The regulation concerning binary options is very simple: they may not be sold. In simple terms, this is the end of binary options as a product sold from within the European Union.
The regulations concerning CFDs are more complex but still relatively straightforward. Firstly, there is some confusion as to what exactly is a CFD, with many traders thinking that spot Forex is not considered a CFD and will therefore be exempt from the new regulations. They are wrong: spot Forex is technically defined as a CFD. In fact, every asset you see available for trading at Forex / CFD brokers will most likely be subject to the new regulations.
The new regulations will implement the following changes for retail client accounts (more on who is a retail client; later).
-
The maximum leverage which can be offered will be 30 to 1. That will apply to major currency pairs such as EUR/USD, GBP/USD, USD/JPY, etc.
-
Other currency pairs, major equity indices, and gold will be subject to a maximum leverage of 20 to 1.
-
Individual equities cannot be offered with leverage greater than 5 to 1.
-
Cryptocurrencies are subject to a maximum leverage of 2 to 1.
-
Brokers will be required to provide negative balance protection, meaning it will be impossible to lose more money than you deposit.
-
Brokers will be required to close a clients open positions when the account equity reaches 50% of the required minimum margin by all open positions. This ;margin call; provision can be tricky to understand, so will be explained in more detail later.
-
Bonuses or any other form of trading incentives may not be offered.
-
Brokers will be required to display a standardized risk warning which will include the percentage of their clients who lose money over a defined period.
Understanding the ;Margin Call; Regulation
The best way to understand the 50% margin call provision is to use an example. Imagine a client opens an account with a Forex broker, depositing ;100 in total. The client opens a short trade in EUR/USD, by going short one mini-lot (one tenth of a full lot). One full lot of EUR/USD is worth ;10,000, meaning one mini-lot is worth ;1,000. To find out the minimum margin required to support that trade, we divide the size of the trade (;1,000) by 30, which comes to ;33.33. This is the minimum required margin to maintain the trade. Half of that amount is ;16.67. Now assume the trade goes against the client, with the price of EUR/USD rising above the entry price. As soon as the price rises far enough to produce a floating loss of ;83.33 (;100 - ;16.67), the broker must close the trade out, even if the trade has no stop loss or has not yet reached the stop loss. In theory, this means that a client;s account can never reach zero. Examples involving multiple open trades will be more complex, but will operate according to the same principles.
What Will This Mean for Traders?
The regulations will only apply to ;retail clients;, so you might try to apply to be classed as a professional trader. To get a broker to classify you as anything other than a retail client, you will have to show you have financial qualifications, a large amount of liquid assets, plenty of experience trading, and usually that you also trade frequently. Most traders will be unable to qualify, although it is worth noting that one London-based brokerage, IG Group, has stated that their proportion of clients now classified as recently increased from 5% to 15% of their total customers.
The major impact these regulations will have on traders is simple ndash; the maximum trade size they can possibly make at brokers regulated in the European Union will shrink. Many will say that the maximum leverage limits still offer far more than any trader could need, and I agree. I am wary of leverage and I hate to see anyone using leverage greater than 3 to 1 for Forex under any conditions, or any leverage at all for stocks and cryptocurrencies. Commodities can also fluctuate wildly in value. Too many people forget that the biggest danger in leverage is not overly large position sizing, it is that a ldquo;black swan rdquo; event such as the CHF flash crash of 2015 could happen and wipe out your account through huge price slippage. However, there is another factor that is widely forgotten: why assume that a trader rsquo;s account at one Forex broker is all the money they have in the world? For example, a trader might have $10,000 in the bank. If they deposit $1,000 at a broker offering maximum leverage of 300 to 1, they can trade up to $300,000. At a leverage limit of 30 to 1, that trader will have to deposit their entire $10,000 fund to trade at the same size. In a real sense, that trader might now have to take on more risk to operate in the same way, because if the broker goes bust, while beforehand they might lose $1,000 now they could lose $10,000! Even without negative balance protection, that broker would still have to come after them to try to get an extra $9,000 which they theoretically risk. Yet we saw after the CHF crash that brokers don rsquo;t come after every single client whose losses exceeded their deposit, due to legal costs and reputational issues. This shows that although the stated purpose of the regulation is to protect traders from excessive losses, the story is not as simple as you may think.
Beyond having to deposit more margin, and automatic margin calls, the other major change for traders will be that they will enjoy negative balance protection. This is a positive development which hopefully will make brokerages focus more heavily on the risks they are taking with their business model in the market. At the same time, a possible side effect of the new regulation is the potential increase in average deposits, leading to brokerages being more stable and better capitalized with client funds. Two final notes: brokerages will have to report on their websites the percentages of clients who are losing and making money, although the period over which the statistics must refer to is currently not clear. This will help to shed light on the debate over what percentage of retail traders are profitable, although some brokerages have already released what they claim to be accurate statistics showing that clients with larger account sizes tend to perform better as traders. Additionally, bonuses and promotions will be banned. I welcome this, as not only do they trivialize the serious business of trading, they are almost always a trick offering the illusion of free money whilst preventing traders from withdrawing any profits until a large number of trades are made (read the fine print the next time you squo;).
What If Yoursquo;re Not Happy Remaining in the EU?
Traders with accounts at affected brokers who cannot obtain professional status classification and feel they really need higher leverage than the ESMA limits outlined above might look for a solution by opening accounts with brokers outside the European Union. The most obvious destination would be Australia or New Zealand, where it will still be possible to find reasonably well-regulated Forex brokerages offering leverage in the range of 400 to 1. A recent development that is not talked about much is the growing difficulty of transferring funds to and from Forex brokerages in less tightly regulated jurisdictions. You might decide to open an account with a brokerage in Vanuatu, but you may find that a bank within the European Union might just refuse to send your money there for a deposit. This means that going far offshore, depending upon where you live, may not be a feasible option. In any case, the new regule impossible to live with, and overall there is a compelling case that they are a net benefit to any trader, so why migrate?
Is Cryptocurrency the New Fiat Money? | Trading Forex
There is no denying the irresistible hype that surrounds the crypto-craze. Digital currency has captured the imaginations of investors, journalists and the general public alike, to the extent that some even consider it a worthy pretender to the throne currently occupied by fiat money. So, what are the chances of cryptos overthrowing fiat money to become the dominant system of currency? FXTM Senior Writer Ben Lovell-Viggers peers behind the glitz, glamour and celeb-packed ICOs to find out.It’s been nearly 50 years since the global economy transitioned from commodity-backed currencies to fiat money system. Concerned by the United States’ waning economic influence and the spiraling costs of the Vietnam War, then-President Richard Nixon decoupled the dollar from US gold reserves and ended the Bretton Woods Agreement. Crypto-enthusiasts would have us believe that the stratospheric rise of assets like Bitcoin, Ethereum and Ripple sounds a resonant death knell for fiat money. They argue that, after half a century of tight financial regulation by governments and central banks, it’s time for individuals to reclaim total control of their money - a lofty goal that is achievable if digital currency becomes the economic status quo.
So, what advantages do cryptocurrencies such as Bitcoin offer over fiat currencies?
For starters, they are convenient. Cryptocurrencies have the potential to save businesses and financial services firms a significant amount of time and money by cutting the middleman out of transactions; fees for these transactions tend to be significantly lower too. And that’s not all: a major criticism of the fiat system is the way in which the value of a country’s currency can change outside of domestic borders. The Nigerian Naira is a prime example of this – its value drops 30% as soon as it is taken out of Nigeria. Digital currencies – for the most part - are not issued by any nation or state and are therefore not subject to the same geographical fluctuations.Then, there’s the infallible record-keeping and anonymity provided by blockchain. A continuously-growing, cryptographically-safeguarded record of transactions, blockchain was developed alongside Bitcoin by the mysterious Satoshi Nakamoto. Blockchain is a valuable defense against fraud, as records cannot be altered once processed – it also allows for full decentralization, a feature of cryptocurrencies which is valued more than any other. Decentralization means that cryptos are not regulated by any government or financial authority, and therefore unencumbered by the policies and agendas of central banks. Instead, cryptocurrencies self-regulate through their own peer-to-peer networks.
So far, so good. Unfortunately for the legion of crypto-devotees, there are a slew of compelling reasons not to replace fiat money with digital currency. Chief amongst these is the current speculative frenzy driven by big-name coins like Bitcoin and Ripple. It’s too soon to see whether the dizzying highs achieved by Bitcoin in late 2017 constitute a genuine financial bubble, but there’s no getting away from the fact that BTC – and cryptos in general – are enjoying an unprecedented level of hype. And why not? Cryptocurrencies are innovative, technology-led and undeniably futuristic; qualities that make them irresistible to both the media and the general public. The problem with such hype is that often leads to a ‘glossing over’ of practical and fundamental concerns, including:
Money laundering and decentralization – Anti-money laundering (AML) initiatives are a major preoccupation of the financial services industry, with banks and firms spending vast amounts of money to ensure regulatory compliance. If digital currencies replace fiat, the anonymity allowed by technology like blockchain would make AML extremely difficult, costly, and time consuming. Many banks and other financial organizations would be reluctant to adopt cryptos for this reason. A similar issue arises from digital currencies’ much-lauded ‘decentralized’ nature. Governments and financial authorities are extremely unlikely to sanction any currency over which they exert no influence or control.
Security – Whilst blockchain ensures that crypto transactions are securely recorded, the same security rarely applies to the ‘coins’ themselves. Cryptos are vulnerable to hacking, power supply issues, software problems and good-old-fashioned human error. Something as innocuous as a split cup of coffee or a hard drive crash could result in the loss of millions of dollars’ worth of Bitcoin. Pity the investor who accidentally threw away a laptop containing 7,500 bitcoin and spends his days scouring landfills (true story); losing your credit card does not render the funds in your account permanently inaccessible.
Scale – The market cap for the world’s various fiat currencies is roughly $81 trillion. You could gather every cryptocurrency in the world and the combined market cap wouldn’t exceed $127.5 billion. Digital currencies have a long way to go before the fiat system starts looking over its shoulder. The cost, time and effort required to overhaul the fiat system and replace it with a purely digital one is astronomical – national economies, businesses, financial institutions and consumers would all have to be transitioned from the system they have used for nearly half a century.
Ultimately, digital currencies are probably going to have to become much more like fiat money if they want to achieve mainstream acceptance. Financial institutions and governments are getting wise to the proliferation of cryptocurrencies, with some, like Sweden and Russia, already well on their way to developing their own national altcoins. They seek to take advantage of the efficient enforcement of interest, ease of taxation and cost savings that digital currency offers, without the security issues, money laundering facilities and lack of central oversight. This means that the cryptocurrencies of the future will almost certainly exist on the terms of central banks, financial institutions and governmental bodies. Sorry idealists – the Man strikes again!
Source
Is Cryptocurrency the New Fiat Money? | Trading Forex
There is no denying the irresistible hype that surrounds the crypto-craze. Digital currency has captured the imaginations of investors, journalists and the general public alike, to the extent that some even consider it a worthy pretender to the throne currently occupied by fiat money. So, what are the chances of cryptos overthrowing fiat money to become the dominant system of currency? FXTM Senior Writer Ben Lovell-Viggers peers behind the glitz, glamour and celeb-packed ICOs to find out.It’s been nearly 50 years since the global economy transitioned from commodity-backed currencies to fiat money system. Concerned by the United States’ waning economic influence and the spiraling costs of the Vietnam War, then-President Richard Nixon decoupled the dollar from US gold reserves and ended the Bretton Woods Agreement. Crypto-enthusiasts would have us believe that the stratospheric rise of assets like Bitcoin, Ethereum and Ripple sounds a resonant death knell for fiat money. They argue that, after half a century of tight financial regulation by governments and central banks, it’s time for individuals to reclaim total control of their money - a lofty goal that is achievable if digital currency becomes the economic status quo.
So, what advantages do cryptocurrencies such as Bitcoin offer over fiat currencies?
For starters, they are convenient. Cryptocurrencies have the potential to save businesses and financial services firms a significant amount of time and money by cutting the middleman out of transactions; fees for these transactions tend to be significantly lower too. And that’s not all: a major criticism of the fiat system is the way in which the value of a country’s currency can change outside of domestic borders. The Nigerian Naira is a prime example of this – its value drops 30% as soon as it is taken out of Nigeria. Digital currencies – for the most part - are not issued by any nation or state and are therefore not subject to the same geographical fluctuations.Then, there’s the infallible record-keeping and anonymity provided by blockchain. A continuously-growing, cryptographically-safeguarded record of transactions, blockchain was developed alongside Bitcoin by the mysterious Satoshi Nakamoto. Blockchain is a valuable defense against fraud, as records cannot be altered once processed – it also allows for full decentralization, a feature of cryptocurrencies which is valued more than any other. Decentralization means that cryptos are not regulated by any government or financial authority, and therefore unencumbered by the policies and agendas of central banks. Instead, cryptocurrencies self-regulate through their own peer-to-peer networks.
So far, so good. Unfortunately for the legion of crypto-devotees, there are a slew of compelling reasons not to replace fiat money with digital currency. Chief amongst these is the current speculative frenzy driven by big-name coins like Bitcoin and Ripple. It’s too soon to see whether the dizzying highs achieved by Bitcoin in late 2017 constitute a genuine financial bubble, but there’s no getting away from the fact that BTC – and cryptos in general – are enjoying an unprecedented level of hype. And why not? Cryptocurrencies are innovative, technology-led and undeniably futuristic; qualities that make them irresistible to both the media and the general public. The problem with such hype is that often leads to a ‘glossing over’ of practical and fundamental concerns, including:
Money laundering and decentralization – Anti-money laundering (AML) initiatives are a major preoccupation of the financial services industry, with banks and firms spending vast amounts of money to ensure regulatory compliance. If digital currencies replace fiat, the anonymity allowed by technology like blockchain would make AML extremely difficult, costly, and time consuming. Many banks and other financial organizations would be reluctant to adopt cryptos for this reason. A similar issue arises from digital currencies’ much-lauded ‘decentralized’ nature. Governments and financial authorities are extremely unlikely to sanction any currency over which they exert no influence or control.
Security – Whilst blockchain ensures that crypto transactions are securely recorded, the same security rarely applies to the ‘coins’ themselves. Cryptos are vulnerable to hacking, power supply issues, software problems and good-old-fashioned human error. Something as innocuous as a split cup of coffee or a hard drive crash could result in the loss of millions of dollars’ worth of Bitcoin. Pity the investor who accidentally threw away a laptop containing 7,500 bitcoin and spends his days scouring landfills (true story); losing your credit card does not render the funds in your account permanently inaccessible.
Scale – The market cap for the world’s various fiat currencies is roughly $81 trillion. You could gather every cryptocurrency in the world and the combined market cap wouldn’t exceed $127.5 billion. Digital currencies have a long way to go before the fiat system starts looking over its shoulder. The cost, time and effort required to overhaul the fiat system and replace it with a purely digital one is astronomical – national economies, businesses, financial institutions and consumers would all have to be transitioned from the system they have used for nearly half a century.
Ultimately, digital currencies are probably going to have to become much more like fiat money if they want to achieve mainstream acceptance. Financial institutions and governments are getting wise to the proliferation of cryptocurrencies, with some, like Sweden and Russia, already well on their way to developing their own national altcoins. They seek to take advantage of the efficient enforcement of interest, ease of taxation and cost savings that digital currency offers, without the security issues, money laundering facilities and lack of central oversight. This means that the cryptocurrencies of the future will almost certainly exist on the terms of central banks, financial institutions and governmental bodies. Sorry idealists – the Man strikes again!
Source
Is Cryptocurrency the New Fiat Money? | Trading Forex
There is no denying the irresistible hype that surrounds the crypto-craze. Digital currency has captured the imaginations of investors, journalists and the general public alike, to the extent that some even consider it a worthy pretender to the throne currently occupied by fiat money. So, what are the chances of cryptos overthrowing fiat money to become the dominant system of currency? FXTM Senior Writer Ben Lovell-Viggers peers behind the glitz, glamour and celeb-packed ICOs to find out.It’s been nearly 50 years since the global economy transitioned from commodity-backed currencies to fiat money system. Concerned by the United States’ waning economic influence and the spiraling costs of the Vietnam War, then-President Richard Nixon decoupled the dollar from US gold reserves and ended the Bretton Woods Agreement. Crypto-enthusiasts would have us believe that the stratospheric rise of assets like Bitcoin, Ethereum and Ripple sounds a resonant death knell for fiat money. They argue that, after half a century of tight financial regulation by governments and central banks, it’s time for individuals to reclaim total control of their money - a lofty goal that is achievable if digital currency becomes the economic status quo.
So, what advantages do cryptocurrencies such as Bitcoin offer over fiat currencies?
For starters, they are convenient. Cryptocurrencies have the potential to save businesses and financial services firms a significant amount of time and money by cutting the middleman out of transactions; fees for these transactions tend to be significantly lower too. And that’s not all: a major criticism of the fiat system is the way in which the value of a country’s currency can change outside of domestic borders. The Nigerian Naira is a prime example of this – its value drops 30% as soon as it is taken out of Nigeria. Digital currencies – for the most part - are not issued by any nation or state and are therefore not subject to the same geographical fluctuations.Then, there’s the infallible record-keeping and anonymity provided by blockchain. A continuously-growing, cryptographically-safeguarded record of transactions, blockchain was developed alongside Bitcoin by the mysterious Satoshi Nakamoto. Blockchain is a valuable defense against fraud, as records cannot be altered once processed – it also allows for full decentralization, a feature of cryptocurrencies which is valued more than any other. Decentralization means that cryptos are not regulated by any government or financial authority, and therefore unencumbered by the policies and agendas of central banks. Instead, cryptocurrencies self-regulate through their own peer-to-peer networks.
So far, so good. Unfortunately for the legion of crypto-devotees, there are a slew of compelling reasons not to replace fiat money with digital currency. Chief amongst these is the current speculative frenzy driven by big-name coins like Bitcoin and Ripple. It’s too soon to see whether the dizzying highs achieved by Bitcoin in late 2017 constitute a genuine financial bubble, but there’s no getting away from the fact that BTC – and cryptos in general – are enjoying an unprecedented level of hype. And why not? Cryptocurrencies are innovative, technology-led and undeniably futuristic; qualities that make them irresistible to both the media and the general public. The problem with such hype is that often leads to a ‘glossing over’ of practical and fundamental concerns, including:
Money laundering and decentralization – Anti-money laundering (AML) initiatives are a major preoccupation of the financial services industry, with banks and firms spending vast amounts of money to ensure regulatory compliance. If digital currencies replace fiat, the anonymity allowed by technology like blockchain would make AML extremely difficult, costly, and time consuming. Many banks and other financial organizations would be reluctant to adopt cryptos for this reason. A similar issue arises from digital currencies’ much-lauded ‘decentralized’ nature. Governments and financial authorities are extremely unlikely to sanction any currency over which they exert no influence or control.
Security – Whilst blockchain ensures that crypto transactions are securely recorded, the same security rarely applies to the ‘coins’ themselves. Cryptos are vulnerable to hacking, power supply issues, software problems and good-old-fashioned human error. Something as innocuous as a split cup of coffee or a hard drive crash could result in the loss of millions of dollars’ worth of Bitcoin. Pity the investor who accidentally threw away a laptop containing 7,500 bitcoin and spends his days scouring landfills (true story); losing your credit card does not render the funds in your account permanently inaccessible.
Scale – The market cap for the world’s various fiat currencies is roughly $81 trillion. You could gather every cryptocurrency in the world and the combined market cap wouldn’t exceed $127.5 billion. Digital currencies have a long way to go before the fiat system starts looking over its shoulder. The cost, time and effort required to overhaul the fiat system and replace it with a purely digital one is astronomical – national economies, businesses, financial institutions and consumers would all have to be transitioned from the system they have used for nearly half a century.
Ultimately, digital currencies are probably going to have to become much more like fiat money if they want to achieve mainstream acceptance. Financial institutions and governments are getting wise to the proliferation of cryptocurrencies, with some, like Sweden and Russia, already well on their way to developing their own national altcoins. They seek to take advantage of the efficient enforcement of interest, ease of taxation and cost savings that digital currency offers, without the security issues, money laundering facilities and lack of central oversight. This means that the cryptocurrencies of the future will almost certainly exist on the terms of central banks, financial institutions and governmental bodies. Sorry idealists – the Man strikes again!
Source
Is Cryptocurrency the New Fiat Money? | Trading Forex
There is no denying the irresistible hype that surrounds the crypto-craze. Digital currency has captured the imaginations of investors, journalists and the general public alike, to the extent that some even consider it a worthy pretender to the throne currently occupied by fiat money. So, what are the chances of cryptos overthrowing fiat money to become the dominant system of currency? FXTM Senior Writer Ben Lovell-Viggers peers behind the glitz, glamour and celeb-packed ICOs to find out.It’s been nearly 50 years since the global economy transitioned from commodity-backed currencies to fiat money system. Concerned by the United States’ waning economic influence and the spiraling costs of the Vietnam War, then-President Richard Nixon decoupled the dollar from US gold reserves and ended the Bretton Woods Agreement. Crypto-enthusiasts would have us believe that the stratospheric rise of assets like Bitcoin, Ethereum and Ripple sounds a resonant death knell for fiat money. They argue that, after half a century of tight financial regulation by governments and central banks, it’s time for individuals to reclaim total control of their money - a lofty goal that is achievable if digital currency becomes the economic status quo.
So, what advantages do cryptocurrencies such as Bitcoin offer over fiat currencies?
For starters, they are convenient. Cryptocurrencies have the potential to save businesses and financial services firms a significant amount of time and money by cutting the middleman out of transactions; fees for these transactions tend to be significantly lower too. And that’s not all: a major criticism of the fiat system is the way in which the value of a country’s currency can change outside of domestic borders. The Nigerian Naira is a prime example of this – its value drops 30% as soon as it is taken out of Nigeria. Digital currencies – for the most part - are not issued by any nation or state and are therefore not subject to the same geographical fluctuations.Then, there’s the infallible record-keeping and anonymity provided by blockchain. A continuously-growing, cryptographically-safeguarded record of transactions, blockchain was developed alongside Bitcoin by the mysterious Satoshi Nakamoto. Blockchain is a valuable defense against fraud, as records cannot be altered once processed – it also allows for full decentralization, a feature of cryptocurrencies which is valued more than any other. Decentralization means that cryptos are not regulated by any government or financial authority, and therefore unencumbered by the policies and agendas of central banks. Instead, cryptocurrencies self-regulate through their own peer-to-peer networks.
So far, so good. Unfortunately for the legion of crypto-devotees, there are a slew of compelling reasons not to replace fiat money with digital currency. Chief amongst these is the current speculative frenzy driven by big-name coins like Bitcoin and Ripple. It’s too soon to see whether the dizzying highs achieved by Bitcoin in late 2017 constitute a genuine financial bubble, but there’s no getting away from the fact that BTC – and cryptos in general – are enjoying an unprecedented level of hype. And why not? Cryptocurrencies are innovative, technology-led and undeniably futuristic; qualities that make them irresistible to both the media and the general public. The problem with such hype is that often leads to a ‘glossing over’ of practical and fundamental concerns, including:
Money laundering and decentralization – Anti-money laundering (AML) initiatives are a major preoccupation of the financial services industry, with banks and firms spending vast amounts of money to ensure regulatory compliance. If digital currencies replace fiat, the anonymity allowed by technology like blockchain would make AML extremely difficult, costly, and time consuming. Many banks and other financial organizations would be reluctant to adopt cryptos for this reason. A similar issue arises from digital currencies’ much-lauded ‘decentralized’ nature. Governments and financial authorities are extremely unlikely to sanction any currency over which they exert no influence or control.
Security – Whilst blockchain ensures that crypto transactions are securely recorded, the same security rarely applies to the ‘coins’ themselves. Cryptos are vulnerable to hacking, power supply issues, software problems and good-old-fashioned human error. Something as innocuous as a split cup of coffee or a hard drive crash could result in the loss of millions of dollars’ worth of Bitcoin. Pity the investor who accidentally threw away a laptop containing 7,500 bitcoin and spends his days scouring landfills (true story); losing your credit card does not render the funds in your account permanently inaccessible.
Scale – The market cap for the world’s various fiat currencies is roughly $81 trillion. You could gather every cryptocurrency in the world and the combined market cap wouldn’t exceed $127.5 billion. Digital currencies have a long way to go before the fiat system starts looking over its shoulder. The cost, time and effort required to overhaul the fiat system and replace it with a purely digital one is astronomical – national economies, businesses, financial institutions and consumers would all have to be transitioned from the system they have used for nearly half a century.
Ultimately, digital currencies are probably going to have to become much more like fiat money if they want to achieve mainstream acceptance. Financial institutions and governments are getting wise to the proliferation of cryptocurrencies, with some, like Sweden and Russia, already well on their way to developing their own national altcoins. They seek to take advantage of the efficient enforcement of interest, ease of taxation and cost savings that digital currency offers, without the security issues, money laundering facilities and lack of central oversight. This means that the cryptocurrencies of the future will almost certainly exist on the terms of central banks, financial institutions and governmental bodies. Sorry idealists – the Man strikes again!
Source
Is Cryptocurrency the New Fiat Money? | Trading Forex
There is no denying the irresistible hype that surrounds the crypto-craze. Digital currency has captured the imaginations of investors, journalists and the general public alike, to the extent that some even consider it a worthy pretender to the throne currently occupied by fiat money. So, what are the chances of cryptos overthrowing fiat money to become the dominant system of currency? FXTM Senior Writer Ben Lovell-Viggers peers behind the glitz, glamour and celeb-packed ICOs to find out.It’s been nearly 50 years since the global economy transitioned from commodity-backed currencies to fiat money system. Concerned by the United States’ waning economic influence and the spiraling costs of the Vietnam War, then-President Richard Nixon decoupled the dollar from US gold reserves and ended the Bretton Woods Agreement. Crypto-enthusiasts would have us believe that the stratospheric rise of assets like Bitcoin, Ethereum and Ripple sounds a resonant death knell for fiat money. They argue that, after half a century of tight financial regulation by governments and central banks, it’s time for individuals to reclaim total control of their money - a lofty goal that is achievable if digital currency becomes the economic status quo.
So, what advantages do cryptocurrencies such as Bitcoin offer over fiat currencies?
For starters, they are convenient. Cryptocurrencies have the potential to save businesses and financial services firms a significant amount of time and money by cutting the middleman out of transactions; fees for these transactions tend to be significantly lower too. And that’s not all: a major criticism of the fiat system is the way in which the value of a country’s currency can change outside of domestic borders. The Nigerian Naira is a prime example of this – its value drops 30% as soon as it is taken out of Nigeria. Digital currencies – for the most part - are not issued by any nation or state and are therefore not subject to the same geographical fluctuations.Then, there’s the infallible record-keeping and anonymity provided by blockchain. A continuously-growing, cryptographically-safeguarded record of transactions, blockchain was developed alongside Bitcoin by the mysterious Satoshi Nakamoto. Blockchain is a valuable defense against fraud, as records cannot be altered once processed – it also allows for full decentralization, a feature of cryptocurrencies which is valued more than any other. Decentralization means that cryptos are not regulated by any government or financial authority, and therefore unencumbered by the policies and agendas of central banks. Instead, cryptocurrencies self-regulate through their own peer-to-peer networks.
So far, so good. Unfortunately for the legion of crypto-devotees, there are a slew of compelling reasons not to replace fiat money with digital currency. Chief amongst these is the current speculative frenzy driven by big-name coins like Bitcoin and Ripple. It’s too soon to see whether the dizzying highs achieved by Bitcoin in late 2017 constitute a genuine financial bubble, but there’s no getting away from the fact that BTC – and cryptos in general – are enjoying an unprecedented level of hype. And why not? Cryptocurrencies are innovative, technology-led and undeniably futuristic; qualities that make them irresistible to both the media and the general public. The problem with such hype is that often leads to a ‘glossing over’ of practical and fundamental concerns, including:
Money laundering and decentralization – Anti-money laundering (AML) initiatives are a major preoccupation of the financial services industry, with banks and firms spending vast amounts of money to ensure regulatory compliance. If digital currencies replace fiat, the anonymity allowed by technology like blockchain would make AML extremely difficult, costly, and time consuming. Many banks and other financial organizations would be reluctant to adopt cryptos for this reason. A similar issue arises from digital currencies’ much-lauded ‘decentralized’ nature. Governments and financial authorities are extremely unlikely to sanction any currency over which they exert no influence or control.
Security – Whilst blockchain ensures that crypto transactions are securely recorded, the same security rarely applies to the ‘coins’ themselves. Cryptos are vulnerable to hacking, power supply issues, software problems and good-old-fashioned human error. Something as innocuous as a split cup of coffee or a hard drive crash could result in the loss of millions of dollars’ worth of Bitcoin. Pity the investor who accidentally threw away a laptop containing 7,500 bitcoin and spends his days scouring landfills (true story); losing your credit card does not render the funds in your account permanently inaccessible.
Scale – The market cap for the world’s various fiat currencies is roughly $81 trillion. You could gather every cryptocurrency in the world and the combined market cap wouldn’t exceed $127.5 billion. Digital currencies have a long way to go before the fiat system starts looking over its shoulder. The cost, time and effort required to overhaul the fiat system and replace it with a purely digital one is astronomical – national economies, businesses, financial institutions and consumers would all have to be transitioned from the system they have used for nearly half a century.
Ultimately, digital currencies are probably going to have to become much more like fiat money if they want to achieve mainstream acceptance. Financial institutions and governments are getting wise to the proliferation of cryptocurrencies, with some, like Sweden and Russia, already well on their way to developing their own national altcoins. They seek to take advantage of the efficient enforcement of interest, ease of taxation and cost savings that digital currency offers, without the security issues, money laundering facilities and lack of central oversight. This means that the cryptocurrencies of the future will almost certainly exist on the terms of central banks, financial institutions and governmental bodies. Sorry idealists – the Man strikes again!
Source
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