Is Crypto-Currency Bypassing the Oversight Role of Central Banks?

As the debate on the legitimacy of the crypto-currency continues to elicit both positive

and negative responses, the central banks appear to be adversely affected by the new

development. Widely known as the only institution mandated to regulate the financial industry,

the role seems to be under a scare. With the advent of the digital currency, it’s pretty sure that the

centralization of the financial activities is threatened.

The emergence of cryptocurrecy seems to have revolutionized the way business is done.

For a while, central banks have enjoyed the monopoly of money supply. As soon as the digital

currency was introduced, questions emanated as to the regulatory framework of the invention.

With central bank clinging to their normal centralization of currency, crypto-currency has since

served to decentralize the access and control of the funds.

Under normal circumstances, the central bank has been charged with the responsibility of

managing state currency-something that becomes tedious under the digital currency. The

crypto-currency offers everybody an opportunity to trade and transfer funds without any

government intervention. With the inability to control the supply of digital currency, central

banks is no doubt affected. The printing and minting role of the central bank cannot be achieved

as the crypto-currency does employ paperless platform which central bank cannot monitor.