Cryptocurrency – possibilities, threats, risks

A new study by the e-Governance Academy provides information for Estonia to shape an opinion on cryptocurrency. The current study describes the evolution of cryptocurrency and how the bitcoin system works. It also provides and overview of the positions of different countries, draws attention to cryptocurrency’s strengths and weaknesses, and lays out possible development scenarios. The study also presents expert suggestions on how to deal with the topic of cryptocurrency in Estonia.

According to Google Trends, Estonians have shown the most interest towards bitcoin in the whole world. Most of the experts agreed that this is a new paradigm, which is currently in the first development stage and it is not even possible to guess what will happen in the near future.

The experts also agreed that cryptocurrency would require a professional national approach, whereas the approach should be balanced and poised. There is no need to encourage Estonians to use cryptocurrency, but they should be educated about what cryptocurrency is. The time of “wild” development of cryptocurrency should be used to prepare the legal and other environments, but also the people.

The study is based on interviews and brainstorming sessions with experts in the field.

Read more about the study of cryptocurrency (in Estonian) here.